What is the ecological effect of increased work for the Bitcoin chain?

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Increase in difficulty does not make Bitcoin miners mine any harder, it just takes them a longer time to solve a block. Their power consumption per unit of time remains the same.

On the other hand, more miners joining the network and mining increases the difficulty. Correlation is similar, although causality is reversed.

So, what impact does the increased hashing speed (and thus increased difficulty) have on the ecology? Well, more resources (electricity, hardware) are used to create new coins. In return the Bitcoin network gets more and more secure from attacks.

But if you want to control the ecological footprint of Bitcoins, you should look into the USD/Difficulty ratio, that is how profitable mining is. Some miners operate on a tight margin, so getting that ratio lower would make them quit, and vice versa - get it high enough and people would want to mine with the least efficient hardware they can...

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This is a question that often causes confusion. Here's a quick explanation!

The basics for a new user

As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.


Balances

The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced...

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Extracts from this document...

What are the ecological consequences of global economic growth? "There have been five ' mass extinctions' in the history of the earth, when between 65% and 95% of all species were wiped out, due to natural processes of selection and evolution. Some scientists now argue that we are heading for a 'sixth extinction', caused by the actions of humans." (Cock and Hopwood, 1996:17) In the following I'm going to look at the positive and negative effects of the ecological systems of global economic growth and the effects on economic loss, and briefly discuss the concept of 'risk', and the consequences of 'population growth'. I would also like to pay attention to the negative and positive effects of economic growth, such as the effects caused by 'deforestation', and the demands of economic growth, and whether it really is a "global threat." Finally looking at the effects on ecological niche paying particular attention to the wildlife that live on...

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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

If you are new to Bitcoin, check out We Use Coins and Bitcoin.org. You can also explore the Bitcoin Wiki:

How to buy bitcoins
Buying Reddit Gold with bitcoin

Will I earn money by mining bitcoin?

Security guide for bitcoin

Community guidelines

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on...
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Bitcoin FAQ

WHAT IS BITCOIN?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

WHO CONTROLS THE BITCOIN NETWORK?

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus...

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“I assign a 0% probability that we will continue with the present proof of work function. The present proof of work function is not going to survive the year. Period. If there’s one hard prediction I’m going to make it’s going to be that.” – Dan Kaminsky

[youtube=http://youtu.be/si-2niFDgtI?start=2416&w=320&h=240]

Dan Kaminsky’s statement at the bitcoin conference in San Jose proved extremely controversial. While many may find it unlikely that the mining algorithm changin is a certainty, it does raise the question of what would happen to bitcoin if there were a hard forking event in the future.

On March 11th, 2013 there was an accidental hard fork – two separate block chains were created that effectively made alternate transaction timelines. Shortly after the new 0.8 software was introduced, a block was found using the upgraded software that caused the 0.8 block chain to be incompatible with 0.7 software. Two forks were created, one for each bitcoin software...

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What is Bitcoin?

Bitcoin is a digital currency which makes use of peer-to-peer technology to operate without a central authority. It is a technology which enables functions not possible when using other payment systems. The management of transactions and the issue of bitcoins is carried out collectively by the network. Based on both common and new technologies, Bitcoin is an extension to traditional currency and is the fastest growing currency in the world, with the equivalent of over $800million in circulation.

Bitcoin is the first decentralised digital currency in the world, which was launched by a person or persons bearing the pseudonym Satoshi Nakamoto. There is no central monetary authority for Bitcoin, but instead it is underpinned by a peer-to-peer computer network. The computers in the network mathematically generate bitcoins by carrying out difficult number-crunching task, in a process known as Bitcoin ‘mining’. The total number of Bitcoins which can...

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1. Welcome to Bitcoin (00:02:31)

In this brief video, Keith provides an overview of the course, and welcomes you along with the millions of others who are interested in this new de-centralized, crypto-currency called Bitcoin. We are happy to have you join us for this course.


2. What is Bitcoin? (00:35:13)

"It's a bird, it's a plane..." Bitcoin is a currency (a form of money), as well as a set of protocols (a set of rules that make the Bitcoin network operate) that enables people like you and me to use Bitcoin (the currency) to purchase goods and services while the verification (done by the Bitcoin network) of each transaction and a history of those transactions (called a block-chain) is verified and maintained by the computers participating in the Bitcoin network. In this video, Keith walks you through some traditional examples of what was has been used for money in the past, some of the pros and cons of each method, and then introduces Bitcoin as an...

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December 1, 2015

Given in Dedication to the late Dr. H.R. Giancarlo, M.D. – 1932 – 2015, who dared to go so much farther than his birth or circumstances warranted so that his sons and grandchildren could journey even further.

Introduction

Good morning, ladies and gentlemen. Thank you for your warm welcome.

Before I begin, let me say that my remarks reflect my own views and do not necessarily constitute the views of the Commodity Futures Trading Commission (CFTC or Commission), my fellow CFTC commissioners or the CFTC staff.

I would also like to dedicate this lecture to my father, Dr. Hector Giancarlo, who passed away a few weeks ago.

In June of this year I celebrated my first anniversary as a Commissioner of the CFTC. As a new market regulator and a long-standing supporter of thoughtful swaps market reform, I have met with fellow global financial regulators in Washington, London, Geneva, Hong Kong and Beijing. I have spoken to and heard...

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PREDICTIONS 2014 by Betsey

Humans have the gift of free will. Predictions and prophecies made through the centuries by psychics, seers and the prophets aren't always accurate. Time lines can be changed and altered through visualization, prayers and by mass consciousness. Time is fluid and prime events can change other events if we use our free will and manifest and New World through pure thought energy. What I predict is what I sense or have been shown in dreams or impressions at the moment. All is not doom and gloom if we change our vibrational frequency and believe in ourselves that we have the power to create new world.

Destiny doesn't control us...we control destiny!

2014 is a 7 year in numerology which represents purification, the divine, revolution, investigation, detection, discovery and the mystical.
Posted Dec. 2013/Jan. 2014

2014 will be a year where people learn to value their lives instead of their material things. Survival,...
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