Lauren Aratani: Electricity needed to mine bitcoin is more than used by 'entire countries

By Dilip -

It’s not just the value of bitcoin that has soared in the last year – so has the huge amount of energy it consumes. The cryptocurrency’s value has dipped recently after passing a high of $50,000 but the energy used to create it has continued to soar during its epic rise, climbing to the equivalent to the annual carbon footprint of Argentina, according to Cambridge Bitcoin Electricity Consumption Index, a tool from researchers at Cambridge University that measures the currency’s energy use.

Recent interest from major Wall Street institutions like JPMorgan and Goldman Sachs probably culminated in the currency’s rise in value and an endorsement by Tesla’s Elon Musk helped drive its recent high as investors bet the cryptocurrency will become more widely embraced in the near future….

https://www.theguardian.com/technology/2021/feb/27/bitcoin-mining-electricity-use-environmental-impact

Michael Roberts: The top 1% own 45% of all global personal wealth; the bottom 50% own less than 1% // Global Economic Volatility and Socio Political Reactions

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