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Ethereum mining uses as much energy as a small country

Ginger_
By Ginger_
in Tech News
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Posted (edited)

Source:  https://futurism.com/?p=88921

 

Sorry for bad formatting, on my phone now and will edit to fix later. 

 

 

"Real-time index from cryptocurrency analysis site Digiconomist’s founder Alex de Vries shows that Ethereum mining is powered by an amount of electricity equivalent to that consumed by a small country. All those household computers turned into Ether miners each have blockchain transactions consuming at least, if not more than, 45 kWh of electricity. According to de Vries, the entire Ethereum network could be consuming as much as 4.2 Terawatt-hours (tWh) — which is only a little bit more than what’s consumed by the Middle Eastern island of Cyprus."

 

From farther in the article, it looks like the way mining is done will be changing to drop energy usage, crazy stuff. 

 

" This may not be the case for long, though. Unlike Bitcoin, Ethereum has plans to move away from its existing energy-intensive mining algorithms. Instead of operating on a Proof of Work model, it’s building a hybrid one that incorporates Proof of Stake. Simply put, this new protocol could allow an Ether holder to mine just by having their computers connected, Vries explained to Motherboard. In a full Proof of Stake algorithm, “energy consumption would become negligible,” he added."

Edited by TheRandomness
Fixed formatting

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Posted

Holy S*** I knew it was popular but GOD DAM that's a lot of power

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Posted

To all you complaining, I think it's referring to hardcore users who have like 10+ GPUs steup, but I could be wrong.  Also, there is a glaring issue here:

Quote

All those household computers turned into Ether miners each have blockchain transactions consuming at least, if not more than, 45 kWh of electricity. According to de Vries, the entire Ethereum network could be consuming as much as 4.2 Terawatt-hours (tWh) 

over what time span? xD that's an amount of energy, not power.

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Posted

That Is Crazy. And for what really? there will be so many losers of this game once the big farms all start cashing out since ETH itself is basically worthless...

Folding stats

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Posted
  • Author
14 minutes ago, Ryan_Vickers said:

To all you complaining, I think it's referring to hardcore users who have like 10+ GPUs steup, but I could be wrong.  Also, there is a glaring issue here:

over what time span? xD that's an amount of energy, not power.

tWh per year, here's a chart from the Digiconomist’s article, quoted by futurism

 

 

chart.png

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Posted

I've been mining for a long time now. And now I kind of feel bad.

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2 minutes ago, Zacm101 said:

I've been mining for a long time now. And now I kind of feel bad.

why?

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Just now, Teddy07 said:

why?

Eviromental effects because thats a lot of power... So much power.

ed1d530c3894f49cfcf43b01a30c08c74f4131a579862139f689edaa671d4bd2.jpg

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Just now, Zacm101 said:

Eviromental effects because thats a lot of power... So much power.

3

Why care? The generation after you will notice the effects 

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2 minutes ago, Zacm101 said:

Snip

Not really. It's spread out over lots of energy networks and with the way energy is generated the effect would be tiny.

Murphy's Law: "Anything that can go wrong, will go wrong"

 

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Posted

I would prefer it changed to the Permacoin idea of storage being what is used to mine and it become a public storage space.

Making it very useful and helps stem development of products that can be used elsewhere. 

 

Lol was presented at the Ethereum meetup.

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thats exactly why ethereum will move to proof of stake instead of proof of work

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24 minutes ago, cj09beira said:

thats exactly why ethereum will move to proof of stake instead of proof of work

You might just be the first person to read the whole article ?

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Just now, Ginger137 said:

You might just be the first person to read the whole article ?

i didn't either :-p

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by the end of the year ethereum mining will die of as they change to proof of stake slowly.

(ps i would like to see bitcoin's usage)

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9 minutes ago, cj09beira said:

by the end of the year ethereum mining will die of as they change to proof of stake slowly.

(ps i would like to see bitcoin's usage)

Why do they change it if that will kill it? Doesn't make sense to me.

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2 hours ago, Darel321 said:

good job miners...... waste more and more power for a few bucks..  o7

They are making a profit though and they are also paying the electricity bill so the only one loosing is the earth and it's dead anyways.

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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̌̅̒̾̈́̆͌̌̾̎̽̐̅̏́̈̔͛̀̋̃͊̒̓͗͒̑͒̃͂̌̄̇̑̇͛̆̾͛̒̇̍̒̓̀̈́̄̐͂̍͊͗̎̔͌͛̂̏̉̊̎͗͊͒̂̈̽̊́̔̊̃͑̈́̑̌̋̓̅̔́́͒̄̈́̈̂͐̈̅̈̓͌̓͊́̆͌̉͐̊̉͛̓̏̓̅̈́͂̉̒̇̉̆̀̍̄̇͆͛̏̉̑̃̓͂́͋̃̆̒͋̓͊̄́̓̕̕̕̚͘͘͘̚̕̚͘̕̕͜͜͝͝͝͠͝͝͝͝͠ͅS̷̢̨̧̢̡̨̢̨̢̨̧̧̨̧͚̱̪͇̱̮̪̮̦̝͖̜͙̘̪̘̟̱͇͎̻̪͚̩͍̠̹̮͚̦̝̤͖̙͔͚̙̺̩̥̻͈̺̦͕͈̹̳̖͓̜͚̜̭͉͇͖̟͔͕̹̯̬͍̱̫̮͓̙͇̗̙̼͚̪͇̦̗̜̼̠͈̩̠͉͉̘̱̯̪̟͕̘͖̝͇̼͕̳̻̜͖̜͇̣̠̹̬̗̝͓̖͚̺̫͛̉̅̐̕͘͜͜͜͜ͅͅͅ.̶̨̢̢̨̢̨̢̛̻͙̜̼̮̝̙̣̘̗̪̜̬̳̫̙̮̣̹̥̲̥͇͈̮̟͉̰̮̪̲̗̳̰̫̙͍̦̘̠̗̥̮̹̤̼̼̩͕͉͕͇͙̯̫̩̦̟̦̹͈͔̱̝͈̤͓̻̟̮̱͖̟̹̝͉̰͊̓̏̇͂̅̀̌͑̿͆̿̿͗̽̌̈́̉̂̀̒̊̿͆̃̄͑͆̃̇͒̀͐̍̅̃̍̈́̃̕͘͜͜͝͠͠z̴̢̢̡̧̢̢̧̢̨̡̨̛̛̛̛̛̛̛̛̲͚̠̜̮̠̜̞̤̺͈̘͍̻̫͖̣̥̗̙̳͓͙̫̫͖͍͇̬̲̳̭̘̮̤̬̖̼͎̬̯̼̮͔̭̠͎͓̼̖̟͈͓̦̩̦̳̙̮̗̮̩͙͓̮̰̜͎̺̞̝̪͎̯̜͈͇̪̙͎̩͖̭̟͎̲̩͔͓͈͌́̿͐̍̓͗͑̒̈́̎͂̋͂̀͂̑͂͊͆̍͛̄̃͌͗̌́̈̊́́̅͗̉͛͌͋̂̋̇̅̔̇͊͑͆̐̇͊͋̄̈́͆̍̋̏͑̓̈́̏̀͒̂̔̄̅̇̌̀̈́̿̽̋͐̾̆͆͆̈̌̿̈́̎͌̊̓̒͐̾̇̈́̍͛̅͌̽́̏͆̉́̉̓̅́͂͛̄̆͌̈́̇͐̒̿̾͌͊͗̀͑̃̊̓̈̈́̊͒̒̏̿́͑̄̑͋̀̽̀̔̀̎̄͑̌̔́̉̐͛̓̐̅́̒̎̈͆̀̍̾̀͂̄̈́̈́̈́̑̏̈́̐̽̐́̏̂̐̔̓̉̈́͂̕̚̕͘͘̚͘̚̕̚̚̚͘̕̕̕͜͜͝͠͠͝͝͝͝͠͝͝͝͠͝͝͝͝͝͝ͅͅͅī̸̧̧̧̡̨̨̢̨̛̛̘͓̼̰̰̮̗̰͚̙̥̣͍̦̺͈̣̻͇̱͔̰͈͓͖͈̻̲̫̪̲͈̜̲̬̖̻̰̦̰͙̤̘̝̦̟͈̭̱̮̠͍̖̲͉̫͔͖͔͈̻̖̝͎̖͕͔̣͈̤̗̱̀̅̃̈́͌̿̏͋̊̇̂̀̀̒̉̄̈́͋͌̽́̈́̓̑̈̀̍͗͜͜͠͠ͅp̴̢̢̧̨̡̡̨̢̨̢̢̢̨̡̛̛͕̩͕̟̫̝͈̖̟̣̲̖̭̙͇̟̗͖͎̹͇̘̰̗̝̹̤̺͉͎̙̝̟͙͚̦͚͖̜̫̰͖̼̤̥̤̹̖͉͚̺̥̮̮̫͖͍̼̰̭̤̲͔̩̯̣͖̻͇̞̳̬͉̣̖̥̣͓̤͔̪̙͎̰̬͚̣̭̞̬͎̼͉͓̮͙͕̗̦̞̥̮̘̻͎̭̼͚͎͈͇̥̗͖̫̮̤̦͙̭͎̝͖̣̰̱̩͎̩͎̘͇̟̠̱̬͈̗͍̦̘̱̰̤̱̘̫̫̮̥͕͉̥̜̯͖̖͍̮̼̲͓̤̮͈̤͓̭̝̟̲̲̳̟̠͉̙̻͕͙̞͔̖͈̱̞͓͔̬̮͎̙̭͎̩̟̖͚̆͐̅͆̿͐̄̓̀̇̂̊̃̂̄̊̀͐̍̌̅͌̆͊̆̓́̄́̃̆͗͊́̓̀͑͐̐̇͐̍́̓̈́̓̑̈̈́̽͂́̑͒͐͋̊͊̇̇̆̑̃̈́̎͛̎̓͊͛̐̾́̀͌̐̈́͛̃̂̈̿̽̇̋̍͒̍͗̈͘̚̚͘̚͘͘͜͜͜͜͜͜͠͠͝͝ͅͅͅ☻♥■∞{╚mYÄÜXτ╕○\╚Θº£¥ΘBM@Q05♠{{↨↨▬§¶‼↕◄►☼1♦  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Posted
2 hours ago, Ginger137 said:

Instead of operating on a Proof of Work model, it’s building a hybrid one that incorporates Proof of Stake. Simply put, this new protocol could allow an Ether holder to mine just by having their computers connected, Vries explained to Motherboard. In a full Proof of Stake algorithm, “energy consumption would become negligible,” he added."

Is there some limiting factor to this? If you can have one computer doing virtually nothing, why not have a ton of VMs doing practically nothing? The only thing I saw in there that might hint at a limiting factor is you have to hold some of the currency already, but if that were the case, could it lead to a case of the rich getting richer?

Main system: i9-7980XE, Asus X299 TUF mark 2, Noctua D15, Corsair Vengeance Pro 3200 3x 16GB 2R, RTX 3070, NZXT E850, GameMax Abyss, Samsung 980 Pro 2TB, Acer Predator XB241YU 24" 1440p 144Hz G-Sync + HP LP2475w 24" 1200p 60Hz wide gamut
Gaming laptop: Lenovo Legion 5, 5800H, RTX 3070, Kingston DDR4 3200C22 2x16GB 2Rx8, Kingston Fury Renegade 1TB + Crucial P1 1TB SSD, 165 Hz IPS 1080p G-Sync Compatible

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3 minutes ago, porina said:

Is there some limiting factor to this? If you can have one computer doing virtually nothing, why not have a ton of VMs doing practically nothing? The only thing I saw in there that might hint at a limiting factor is you have to hold some of the currency already, but if that were the case, could it lead to a case of the rich getting richer?

Ive been using ethereum since the launch. I believe you do have to have one eth at least. And POS is based off how much you actually have. like 1000 eth would help more than 1. I could be wrong.

CPU: Intel Xeon X5690 @4.4GHZ; Motherboard: EVGA x58 Classified 3 E770; RAM: 12 GB Corsair Dominator; GPU: Nvidia GTX 980Ti; PSU: Corsair CX-M 650W; Keyboard: Razer Blackwidow Chroma; Mouse: Razer Deathadder 3.5g

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1 hour ago, Zacm101 said:

I've been mining for a long time now. And now I kind of feel bad.

If it helps, you've been doing the same as the rest of the world, miner or not: using energy according to the incentives you faced.

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Posted

I'm only doing 230W so don't look at me :P

We have a NEW and GLORIOUSER-ER-ER PSU Tier List Now. (dammit @LukeSavenije stop coming up with new ones)

You can check out the old one that gave joy to so many across the land here

 

Computer having a hard time powering on? Troubleshoot it with this guide. (Currently looking for suggestions to update it into the context of <current year> and make it its own thread)

Computer Specs:

Spoiler

Mathresolvermajig: Intel Xeon E3 1240 (Sandy Bridge i7 equivalent)

Chillinmachine: Noctua NH-C14S
Framepainting-inator: EVGA GTX 1080 Ti SC2 Hybrid

Attachcorethingy: Gigabyte H61M-S2V-B3

Infoholdstick: Corsair 2x4GB DDR3 1333

Computerarmor: Silverstone RL06 "Lookalike"

Rememberdoogle: 1TB HDD + 120GB TR150 + 240 SSD Plus + 1TB MX500

AdditionalPylons: Phanteks AMP! 550W (based on Seasonic GX-550)

Letterpad: Rosewill Apollo 9100 (Cherry MX Red)

Buttonrodent: Razer Viper Mini + Huion H430P drawing Tablet

Auralnterface: Sennheiser HD 6xx

Liquidrectangles: LG 27UK850-W 4K HDR

 

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Posted
4 hours ago, Zacm101 said:

Ive been using ethereum since the launch. I believe you do have to have one eth at least. And POS is based off how much you actually have. like 1000 eth would help more than 1. I could be wrong.

I believe the number 32 has been thrown around for the amount of stake needed to be a POS validator.   Coins like Dash require thousands.

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