"Bitcoin Destroys the World"
Posted: Sun May 20, 2018 11:17 pm
The world has been seduced by the biggest con of all time; the idea that virtual money is worth real money. By itself I would not mind so much seeing fools and their money so easily parted but now it is costing all of us in environmental damage:
https://theoutline.com/post/4561/bitcoi ... i=hb4pjjgl
yrs,
rubato
https://theoutline.com/post/4561/bitcoi ... i=hb4pjjgl
May—16—2018 11:00AM EST
In addition to being insufferable, Bitcoin is also absolutely terrible for the environment. According to a letter published today in the energy journal Joule by financial economist and blockchain specialist Alex de Vries, the Bitcoin network is consuming roughly 2.55 gigawatts of energy annually, at the absolute minimum. To put that in context, that’s nearly the same amount of energy consumed by the entirety of Ireland. That’s just the conservative current estimate; De Vries predicts that by December, the Bitcoin network could be using almost triple that.
Bitcoins cost energy to “mine,” because mining is just a computer running calculations; the longer Bitcoin is around, the more energy it takes to mine each subsequent unit (it takes four times as much energy to mine a single Bitcoin now as it did when the currency launched in 2009). There is a finite amount of Bitcoin, and the most recent projections show it will take about another 120 years to mine all 21 million Bitcoins. There is also, theoretically, a tipping point somewhere in there where the amount of energy it takes to mine a piece of Bitcoin is more valuable than the Bitcoin itself, though it all depends on the market value. But Bitcoin transactions, not just mining, take energy (one transaction could currently power a home for a week), so the more widely used it is, the more carbon we are pumping into the atmosphere.
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