Tue
Sep 20 2022
10:49 am
By: bizgrrl

As we've said before, "Does civilization really need Bitcoin?"

"Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems with heavy duty computers that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin."

..."crypto has a dirty little secret that is very relevant to the real world: it uses a lot of energy. How much energy? Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually — comparable to the emissions of Greece — making crypto a significant contributor to global air pollution and climate change."

... "the computer power needed to create each digital token consumes at least as much electricity as the average American household burns through in two years..."

"But many virtual currency aficionados argue that the energy consumption is worth it for the grander cause of securing the Bitcoin and Ethereum networks and making a new kind of financial infrastructure, free from the meddling of banks or governments."

Crypto markets pose real risks as referenced by recent events. "The May crash of a so-called stablecoin and the subsequent wave of insolvencies wiped out over $600 billion of investor and consumer funds."

"President Biden’s March 9 Executive Order (EO) on Ensuring Responsible Development of Digital Assets outlined the first whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. "

Not mentioned by the White House, but should be considered is to outlaw bitcoin mining.
However, "The White House Office of Science and Technology Policy recommended in a report Friday that greenhouse gas emissions and other environmental impacts stemming from crypto “mining” should be limited."

I just don't understand people who want free of banks and governments. Nor, do I understand people who don't care about the climate and our world. On the other hand, maybe I should come up with my own currency, sell it to the masses, make a lot of money, then shut it down leaving the Mrs. currency useless.

Sat
Mar 19 2022
10:11 am

..."when China, which dominated world production [of cryptocurrency/bitcoin], cracked down on such operations last summer, worried about the volatility of digital currencies."

"Companies forced out of China began scouting new locations across rural America."

"Appalachia, with its cheap electricity from coal, natural gas and hydro, was already attractive to bitcoin miners..."

“We couldn’t have people over to gather in our front yard because we could hardly hear one another talking..."

China doesn't want it but government and business in the U.S. scream freedom! Capitalism! They don't care about anyone but themselves and the mighty dollar. Hope this isn't what people were offering when they promised to get workers out of the coal mines.

As previously posted, "For the first time, a US city has banned cryptocurrency mining after large-scale operations used up all its power."

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