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Virtual Bitcoin Mining Is a Real-World Environmental Disaster

16/04/2013 20:50

Here's a puzzle: How can a virtual currency, existing in digital form on computer hard drives, demand real power and real fuel, and have real-world environmental costs? If you're struggling to think of an answer, welcome to the world of "Bitcoin mining."
As a lot of folks know now, thanks to all-hands-on-deck media saturation, Bitcoin is a medium of transaction created in 2009 by an anonymous programmer to facilitate anonymous digital transactions (there’s an excellent history here). In the recent speculative mania, the value of Bitcoins skyrocketed. Before Bitcoins can be traded, though, they need to be created.
That's where "mining" comes in. Mining is a process in which powerful computers create Bitcoins by solving processor-intensive equations. The idea is to keep the supply of Bitcoins from multiplying too quickly. Bitcoin mining, like mining of precious metals, is supposed to be arduous. By design, the more miners there are, the more processing power is required to mint new coins.

Source: https://www.bloomberg.com/news/2013-04-12/virtual-bitcoin-mining-is-a-real-world-environmental-disaster.html

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