Do you think Bitcoin mining is a waste of energy?

[xchng]

Do you think Bitcoin mining is a waste of energy?

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Image source

Hi HIVIANs,

today I want to ask you:

Do you think Bitcoin mining is a waste of energy?

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My answer is:

In my eyes, Bitcoin mining is NOT a waste of energy.
Why not?
There is NO trustless, censorship-free and decentralized money system like Bitcoin.
Many people think that Bitcoin mining is only done to produce new coins.
This is only partially true! The **real point ** of mining Bitcoins is to secure the blockchain by validating transactions!
Many people do not really understand the power of Bitcoin and the math behind it.
The math behind Bitcoin is able to delivery a 100% proof of ownership and a 100% proof of validation!
That is the real thing miners are working for: To secure the network!
And a PoS algorithm can NEVER EVER replace a PoW system.
Why not?
The answer is pretty easy:
A PoS algorithm can not be as safe as a PoW algorithm since the entity with a large amount of coins can influence the network and is able to - in case of a malicious entity - manipulate it.
This is not the case for PoW that is used by Bitcoin.

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I am excieted to read what you think about that!

Feel free to explain your vote within it's description!!

Let me know

XCHNG

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• Yes, I think Bitcoin mining is a waste of energy (because ..)

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• No, I do not think Bitcoin mining is a waste of energy (because ..)

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• I am not sure

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Answer the question at dpoll.xyz.

Comments

[cst90]

Voted for

• Yes, I think Bitcoin mining is a waste of energy (because ..)

[xchng]

Thanks for sharing your thoughts with us @cst90 ! 😇

[suntree]

Voted for

• I am not sure

because I know nothing about it

[xchng]

Thanks for letting us know @suntree 🙏
I can recommend this video:

[suntree]

Thank you so much for sending me the video, xchng 🤗👍

[xchng]

You are welcome my friend! 🥰

[erica005]

Voted for

• Yes, I think Bitcoin mining is a waste of energy (because ..)

[xchng]

Thank you for lettingus know @erica005 !

[akdx]

Voted for

• Yes, I think Bitcoin mining is a waste of energy (because ..)

[xchng]

Thanks for sharing your thoughts @akdx !

[oadissin]

Voted for

• Yes, I think Bitcoin mining is a waste of energy (because ..)

[xchng]

Thanks for sharing your opinion with us @oadissin !

[sadikulaziz]

Voted for

• No, I do not think Bitcoin mining is a waste of energy (because ..)

Actually printing paper money is waste of time and energy. Bitcoin is a real asset like Gold.

[xchng]

Thanks for sharing your thoughts @sadikulaziz ! 🙏

[grider123]

Voted for

• No, I do not think Bitcoin mining is a waste of energy (because ..)

Providing a censorship-resistant, secure, global currency may also consume energy.

[xchng]

Thanks for sharing your opinion with us @grider123!

I think the same way

[abbak7]

Voted for

• I am not sure

[xchng]

Thanks for sharing your opinion @abbak7 - I can understand that this topic is controversal!

[leprechaun]

Voted for

• No, I do not think Bitcoin mining is a waste of energy (because ..)

[xchng]

Thanks for sharing your thoughts!

[antipops]

Voted for

• Yes, I think Bitcoin mining is a waste of energy (because ..)

энергія і должна быть базовой валютой, а зелёных консенсусов, не сжигающіх денег, достаточно

[gravitcaper]

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[goldgrifin007]

No, I do not think Bitcoin mining is a waste of energy (because ..)

I think the cost of printing money is much higher than the cost of mining bitcoin.

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