14 Apr '13, 9pm

Bitcoin "Mining" Somehow Found a Way to Be Environmentally Destructive

Bitcoin "Mining" Somehow Found a Way to Be Environmentally Destructive

Max Rivlin-Nadler View Profile RSS Bitcoins, the currency of the future (the future dominated by the dickhead Winklevoss twins ), while an annoying Libertarian fantasy, would at least not end up destroying the environment, right? How much harm can it do, really? A lot, apparently. Looking to mimic real-world resource extraction, Bitcoins are "mined" so that they cannot be minted too quickly. Mark Gimein at Bloomberg explains , 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 metals, is supposed to be arduous. By design, the more miners there are, the more processing power is required to mint new coins. The proce...

Full article: http://gawker.com/5994625/bitcoin-mining-somehow-found-a-...

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