Are crypto currencies destroying the planet?

TL:DR – Bitcoin mining uses vast arrays of energy-hungry computers many of which are powered with an unsustainable, non-renewable energy supply, generating enormous carbon emissions. It is estimated that Bitcoin is currently wasting 140 terawatt-hours of electricity annually and producing 70 megatonnes of carbon emissions each year. Bitcoin is a form of digital currency. Each Bitcoin has a digital ledger, a blockchain, that records all transactions and is at the heart of the value in the currency. Bitcoin transactions are typically irreversible and can be made anonymously, providing a level of privacy. It operates on a decentralized, peer-to-peer network independently of governments, banks or any financial authority. It was ostensibly created by Satoshi Nakamoto in 2009, but that pseudonym may represent an unknown individual or a group of people. The way in which Bitcoin was created means that there is a known and limited supply. The total number of Bitcoins that can ever exist is capped at 21 million, making it a finite digital asset. Scarcity, of course, can be seen as giving Bitcoin value and it has become a popular form of alternative investment. The value of Bitcoin can fluctuate wildly with no physical asset, such as gold or a commodity to underpin it nor government backing. Its value is determined solely by supply and demand in the crypto market. None of this is free. Bitcoin is a digital entity and must be sustained by a network of computers all using electrici...
Source: David Bradley Sciencebase - Songs, Snaps, Science - Category: Science Authors: Tags: Environment Source Type: blogs