Bitcoins – What a waste!
So, we have all heard of Bitcoins. Even if most of us don’t really understand what they are or even why you would want one. And I definitely would not know how to spend one. Most people understand that Bitcoins are a Crypto currency which people of suspicious character demand from you when they hold computers to ransom.
What people don’t know is how Bitcoins are manufactured. According to Bitcoin.org
“New bitcoins are generated by a competitive and decentralized process called “mining”. This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange. “
So, to cut a long story short, ANYONE with a computer and the right software can “Mine” for bitcoins. It just means leaving your computer on all the time! In practice however, people set up servers and server farms JUST to do this.
If fact this has become such a large industry, that Bitcoin mining now consumes around 91 terawatt-hours of electricity annually. To put this into context the UK generated 64.3 terawatt hours of electricity from all wind power in 2019.
What a waste!