14 Apr '13, 2pm

Bitcoin Mining Is Not A Real World Environmental Disaster: This looks a little bit desperate, this story about...

Blockchain.info, a site that tracks data on Bitcoin mining, estimates that in just the last 24 hours, miners used about $147,000 of electricity just to run their hardware, assuming an average price of 15 cents per kilowatt hour (a little higher than the U.S. average, lower than some high cost areas like California ). That, of course, is in addition to the money devoted to buying and building the mining rigs. The site estimates the profits from the day of mining at about $681,000, based on the current value of Bitcoins. So mining, at least for the moment, is a lucrative business. The trade-off here is that as virtual value is created, real-world value is used up. About 982 megawatt hours a day, to be exact. That’s enough to power roughly 31,000 U.S. homes, or about half a Large Hadron Collider. If the dreams of Bitcoin proponents are realized, and the currency is adopted fo...

Full article: http://www.forbes.com/sites/timworstall/2013/04/14/bitcoi...

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15 April 2013 Last updated at 12:31 GMT Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print Bit...