And overstock. Or you can create it using a computer. A: I mean… yeah? Apparently, this whole bitcoin deal is an interconnected system, so you can make your computer process transactions for everybody.
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A: Exactly! Your computer does all this complicated math and maybe you get a bitcoin as a reward. Some say this is because Elon Musk tweeted something about bitcoin, others say this is because we live in bizarre times in which most people feel confused approximately 87 percent of the time. The internet hive mind?
1. Ethereum
Q: And why are some countries banning it? And is this the future? Can I still write checks in the future?
And enrage everyone in line behind me at the grocery store? Is there even cash in the future, which is something I have mixed feelings about because seriously, cash is really just the cootie vector in my wallet, so gross to even consider all the hands that have touched it?
A: You know what? This energy consumption almost rivals the amount of energy used by all data centres around the world combined — and matches the entire carbon footprint of Greater London. The wastage and environmental footprint of Bitcoin goes beyond the energy consumption of mining computers. Bitcoin mining equipment has a short shelf-life, so there will likely be significant electronic waste — and incentives to reinvest in more hardware — in future.
The purchase of these devices is also worsening the global microchip shortage. This risks creating numerous unintended consequences, such as a shortage in personal electronics or price rises for them that could affect people working from home during COVID, or imperiling the supply of electric vehicles, damaging the effort to combat climate change.
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He posits the ways governments can potentially head-off some of the more damaging consequences of Bitcoin mining, including taxing Bitcoin mining device manufacturers, or limiting their access to microchips. In fact, some governments have already taken the initiative: in June the Energy Board of Quebec, Canada, alongside power company Hydro-Quebec, imposed a moratorium on new cryptocurrency mining operations, on the grounds that they threatened the stability of the local electric grid.
But the risk remains that in the face of such sanctions, mining operations will simply relocate to more hospitable shores, and continue unrestrained. Cosmos is published by The Royal Institution of Australia, a charity dedicated to connecting people with the world of science. Financial contributions, however big or small, help us provide access to trusted science information at a time when the world needs it most.
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Bitcoin boom has huge carbon footprint
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