How Bitcoin's vast energy use could burst its bubble...

[hunter]

We've all heard the stories of Bitcoin millionaires.

Elon Musk is the latest.

His electric car company Tesla made a paper profit of more than $900m (£646m) after buying $1.5bn (£1bn) -worth of the cryptocurrency in early February.

Its high profile support helped pushed the price of a single Bitcoin to more than $58,000.

But it isn't just the digital asset's price that has hit an all-time high. So has its energy footprint.

And that's caused blowback for Mr Musk, as the scale of the currency's environmental impact becomes clearer.

--more--

https://www.bbc.com/news/science-environment-56215787

Bitcoin mining and transactions now consume a similar amount of energy as the Nederlands, and it's only getting worse.

That's another good reason to despise this Pyramid / Ponzi / Chain Letter scheme.

I'll be cheering when Bitcoin collapses.

[progree]

1. About 2/3 of their energy use comes from fossil fuels

And the electricity the Bitcoin miners use overwhelmingly comes from polluting sources.

The CCAF team surveys the people who manage the Bitcoin network around the world on their energy use and found that about two-thirds of it is from fossil fuels.

And there is another factor that drives Bitcoin's increasing energy consumption.

The software ensures it always takes 10 minutes for the puzzle to be solved, so if the number of miners is increasing, the puzzle gets harder and the more computing power needs to be thrown at it.

Meaning ever-increasing electricity consumption.