Bitcoin, a type of cryptocurrency, has gained extreme popularity in recent years. Bitcoin allows financial transactions to be made without the involvement of banks and allows users to buy merchandise anonymously.
As a way to earn Bitcoins and put more coins into circulation, users can “mine” for more coins. In order to “mine” Bitcoin, computers – often specialized ones – are connected to the cryptocurrency network. This process is done online, so one may initially think there would be no physical impact on the environment from this process. However, in this interesting article, it is noted that Bitcoin consumes more electricity than Argentina!
Although the future of Bitcoin as a type of currency remains unknown, it appears to be here to stay for at least the immediate future, so it is important to note the environmental impact that the use of cryptocurrency has.