The Bitcoin boom may be a disaster for the environment - News Summed Up

The Bitcoin boom may be a disaster for the environment


Bitcoin uses about 32 terawatts of energy every year, enough to power about three million U.S. households, according to the Bitcoin Energy Consumption Index published by Digiconomist, a website focused on digital currencies. Related: Millions of dollars may have been stolen in bitcoin hackMore worryingly, Bitcoin's energy demands are set to explode. "As bitcoin grows, the math problems computers must solve to make more bitcoin get more and more difficult," which means more processing power is needed, Holthaus wrote. Vienna-based HydroMiner, for example, uses renewable hydroelectric power for its bitcoin operationsBut some experts are very pessimistic about the future. "The CME futures may institutionalize bitcoin, which would be disastrous [for the environment]," said John Quiggin, an economics professor at the University of Queensland.


Source: CNN December 07, 2017 13:52 UTC


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