Tuesday 29 March 2022

Bitcoin 'Mining'

Bitcoin mining has massive detrimental effects on global heating. Mining the cryptocurrency is said to use as much electricity as Sweden. In the US, it has also revitalized failing fossil fuel enterprises, to supply the required electricity. Cryptocurrency appears to be saving coal. Climate groups are now saying that Bitcoin could and should reduce its energy demands (https://www.theguardian.com/technology/2022/mar/29/bitcoin-reduce-energy-consumption-climate-groups). Bitcoin uses a simple switch termed 'proof of work', requiring the use of massive computer arrays to validate and secure transactions. A rival cryptocurrency, Etherium, alternatively uses a 'proof of stake', which would reduce Bitcoin's energy use by 99%. 'Proof of work' and 'proof of stake' are essentially software codes. Climate groups maintain that Bitcoin should change its code, rather than the climate of the entire planet! This seems a not unreasonable request.

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