Monday, 28 April 2014
The Other Bitcoin Power Struggle
From Bloomberg Businessweek
“There have been a few get-rich-quick stories among the Bitcoin “miners,” who use stacks of powerful computers to solve complex math problems used to create the virtual currency. The trouble is, crunching those numbers takes a tremendous amount of energy. Fred Trotter, a co-founder of data journal and software company Not Only Dev, estimates that in the five years Bitcoins have existed, machines dedicated to mining them have consumed 150,000 megawatt-hours of electricity—enough to keep the Eiffel Tower lit for more than two and a half centuries.”
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Labels:
Bitcoin,
crypto-currency,
innovation,
money,
risk,
virtual currency