12 Apr '13, 12pm

Virtual Bitcoin Mining Is a Real-World Environmental Disaster

Virtual Bitcoin Mining Is a Real-World Environmental Disaster

Here's a puzzle: How can a virtual currency, existing in digital form on computer hard drives, demand real power and real fuel, and have real-world environmental costs? If you're struggling to think of an answer, welcome to the world of "Bitcoin mining." As a lot of folks know now, thanks to all-hands-on-deck media saturation, Bitcoin is a medium of transaction created in 2009 by an anonymous programmer to facilitate anonymous digital transactions (there’s an excellent history here ). Recently, thanks to a speculative mania, the value of Bitcoins have skyrocketed. Before Bitcoins can be traded, though, they need to be created. That's where "mining" comes in. Mining is a process in which powerful computers create Bitcoins by solving processor-intensive equations. The idea is to keep the supply of Bitcoins from multiplying too quickly. Bitcoin mining, like mining of precious...

Full article: http://www.bloomberg.com/news/2013-04-12/virtual-bitcoin-...

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mobile.bloomberg.com 12 Apr '13, 6pm

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gizmodo.co.uk 15 Apr '13, 9am

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