ACCORDING TO A PAPER PUBLISHED IN THE journal Scientific Reports, the mining of Bitcoin and other cryptocurrencies is environmentally unsustainable because of the huge amount of electricity it requires. Mining has at times created harm to the environment not only greater than beef farming and other industries, but also greater than the value of the currencies produced.
This energy use "is because of the proof-of-work production process that [Bitcoin] uses," Benjamin A. Jones, an associate professor at the University of New Mexico's Department of Economics and co-author of the paper, tells Newsweek. Bitcoin mining uses an estimated 75.4 terawatt-hours per year (TWhyear-1). All of Austria only uses 69.9 TWhyear-1.
Bitcoin is the most popular cryptocurrency, one of several digital nongovernmental currencies that can be used for transactions outside of any country's financial system. These transactions are anonymous and verified by a cryptography system called blockchain, essentially a vast, decentralized records-keeping method.
Bitcoin and other well-known cryptocurrencies are generated via a process known as mining. The blockchain system requires "proof-of-work" to be given before a new crypto token is validated. Computers show proof of work by solving a complex cryptographic puzzle. Miners compete against each other to be first to solve the puzzles, leading them to invest in large computer farms or to combine their resources in computing pools.
"Miners all over the world use highly specialized computer equipment to engage in a massive numbers guessing game," Jones says, "The more and better your equipment, the faster you can guess the right result before your competition. This leads miners to invest in more and better equipment that uses ever more and more electricity. Magnify
Bu hikaye Newsweek Europe dergisinin October 21, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Newsweek Europe dergisinin October 21, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Not Seeing...But Believing
How COVID reshaped our understanding of invisible air particles and the spread of disease
Chelsea Handler
AS A SIX-TIME NEW YORK TIMES BESTSELLING AUTHOR, CHELSEA HANDLER knows the secret to a successful book is to stay true to herself.
Stephen Amell
WHILE IT SEEMED LIKE EVERYONE ON SOCIAL media was binge-watching Suits during the pandemic, there was one person who was intentionally not watching the long-running series that ended in 2019: Stephen Amell.
Slimmer Side Effects
Weight-loss drugs have become hugely popular but can cause gastrointestinal issues. A breakthrough could be about to change that and also make treatment more affordable
AMERICA'S BEST NEW PRODUCTS 2025
VERY YEAR, COMPANIES PUSH THE BOUNDARIES OF CREATIVity and develop new products that promise to make your life healthier, more convenient and more fun.
The Strongman of Ecuador
Daniel Noboa's bravado, aggressive policies and alignment with Trumpian politics has positioned him as a formidable figure in Latin America. But his fight to retain the presidency isn't over
HIGH WIRE ACT
FAULTY POWER LINES AND ELECTRICAL EQUIPMENT ARE BEING BLAMED FOR CAUSING DEADLY FIRES IN LOS ANGELES AND ACROSS THE U.S. IS ENOUGH BEING DONE TO PREVENT THESE DEVASTATING BLAZES?
Spheres of Influence
Donald Trump is channeling the great power politics of past centuries to deal with China and Russia, experts tell Newsweek
Winning the Global Game
The U.S. holds more cards than China. Whether we keep our strategic advantage depends on how we play our hand
Jasmin Savoy Brown
SHOWTIME'S YELLOWJACKETS IS REALLY TWO shows in one.
