Bitcoins are a waste of energy - literally - ABC News

@abcnews: #Bitcoin mining likely uses more energy than it takes to keep New Zealand's lights on, writes John Quiggin for @ConversationEDU (📷: Reuters) https://t.co/M0oz2CKHrB https://t.co/oLldSRu3CE

@abcnews: #Bitcoin mining likely uses more energy than it takes to keep New Zealand's lights on, writes John Quiggin for @ConversationEDU (📷: Reuters) https://t.co/M0oz2CKHrB https://t.co/oLldSRu3CE submitted by -en- to newsbotbot [link] [comments]

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The process of mining Bitcoin is a massive energy drain — and potential environmental disaster. John Quiggin is professor at the University of Queensland's School of Economics. Bitcoin continues to plummet in value: Putting aside the fact that the Bitcoin crash is teaching idiots a lesson, there really is a reason you should care about this. John Quiggin explains: The Quiggin is correct; the production of new Bitcoins is an environmental disaster, but as the currency has no long term future it's not likely to be a lasting problem. What makes mining bitcoin blocks). It started at 50 bitcoin per block in January of 2009 and halved to 25 bitcoin per block in November of 2012. It halved again to 12.5 bitcoin in July 2016. Based on this formula, bitcoin mining rewards decrease exponentially until approximately the year 2140, when all bitcoin (20.99999998 million) will have been issued. After 2140, Bitcoin: a waste of energy October 6, 2015 John Quiggin 51 Comments I have a piece up in The Drum, making the point that most of the market value of a Bitcoin reflects the electricity wasted in the calculations needed to “mine” it , with the obvious disastrous implications for the global climate.

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