http://www.abc.net.au/news/2017-12-12/bi...tricity/9246888
Quote:
In recent months, the Bitcoin bubble has got massively bigger and the associated waste of energy is now much more widely recognised.
What is Bitcoin?
A digital cryptocurrency
It operates on a decentralised peer-to-peer network, with no central authority or government backing
They can be bought with fiat currencies like Australian dollars from online exchanges or created through mining
In essence, the creation of a new Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done.
The crucial feature, as is common in cryptography, is that the calculation in question is very hard to perform but easy to verify once it's done.
At present, the most widely used estimate of the energy required to "mine" Bitcoins is comparable to the electricity usage of New Zealand, but this is probably an underestimate.
If allowed to continue unchecked in our current energy-constrained, climate-threatened world, Bitcoin mining will become an environmental disaster.
LOL
Investors have always made money out of mining virgin areas.
That Bitcoin is mining energy is priceless.
https://steemit.com/cryptocurrency/@aadyashakti/you-can-buy-tesla-electric-cars-for-50-bitcoin