It Makes You Nostalgic For 'Old' Money

Physical coins and notes have been much used as simple means of performing transactions. It has been suggested, in recent times, that developments like 'Bitcoin' will potentially replace them. For some time, it has been apparent, that the 'mining' of Bitcoin creates a considerable carbon footprint. This an unwelcome feature amidst concerns about global heating and climate change. A study by the Dutch Central Bank and MIT has now revealed that a single Bitcoin transaction generates the same amount of electronic waste as binning 2 iPhones (https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones). The electronic waste is a consequence of Bitcoin requiring specialist computer chips called ASICs. The sole purpose of ASICs is to run the algorithms, needed to secure the Bitcoin network. To maintain efficiency, ASICs need to be regularly replaced with up-dated chips with newer features. So, Bitcoin not only heats up the planet, it increases the use of rare earths and other materials, needed for the manufacture of electronic components. It looks distinctly ungreen.