Bitcoin and other cryptocurrencies are now a major business, with the global market capitalization of these coins exceeding $170 billion at their recent peak, according to Coin Market Cap.
Bitcoin alone has reached over $70 billion in value, up from nothing when it was created just eight years ago.
A major issue with Bitcoin, which may eventually undermine success unless it is remedied, is the massive amount of power required for “mining” of the coins.
The mining metaphor is apt because bitcoins are created through specialized computers looking for the correct codes (hash keys), just like digging for gold. That electronic digging takes more and more power as more and more people dig for that virtual gold. Sebastian Deetman calculated in 2016 that mining would require as much electricity by 2020 as the entire nation of Denmark currently consumes.
Full story at http://bit.ly/2jkPbM2
Source: Greentech Media
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