WASF: Bitcoin Mining Uses More Energy Than Some Countries

WASF: Bitcoin Mining Uses More Energy Than Some Countries
In today’s edition of the WASF Doomer Headline of the day, we mine the mainstream media for more evidence of how “cryptocurrency mining” is taking down the planet.
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WASF: Bitcoin Mining Uses More Energy Than Some Countries

3 thoughts on “WASF: Bitcoin Mining Uses More Energy Than Some Countries”

  1. That's fucked I knew it took a bit of energy but that's insane all of Denmark's energy just for 200 billion….it could never support a change over of total global currency….I guess there's a bunch of idiots(bit coiners) betting on either techno utopian fix of energy efficienct quantum computers that can process block chain with higher energy efficiency or the collapse of global currency so their bit coins are worth more….clap clap for the humans thinking about five minutes in front of themselves….Humpty Dumpty needs a weekly short term planning award….no not the local newspaper with mother n baby's born hambone!

  2. Bitcoins are encrypted computer files that supposedly are equivalent in value to real physical currency. "Mining" them involve using massive computer farms using brute force trial and error methods in order to break the encryption of these virtual currency files. The cryptocurrency concept is ridiculous anyway since they're basing the transaction and verification model on very questionable computer science principles.

    Basically, everyone involved in the cryptocurrency network needs to carry around a redundant copy of the equivalent of an entire bank ledger on their computer hard disk. The theory behind this is that by doing that you don't need to rely on a huge and powerful organization such as traditional banks to operate and control a centralized transaction hub. But, the obvious and overlooked problem with this decentralized model is that every currency transaction occurring on the network needs to be verified to be authentic by every other participant in the network, so their individually kept redundant copies of the bank ledger could be kept up to date with verified authentic transactions information, otherwise clever computer hackers could easily forge counterfeit transaction records involving counterfeit cryptocurrency computer files.

    Of course for those with a bit of mathematics and computer science background the problem with this model becomes obvious. As the number of participants in the cryptocurrency network goes up the number of redundant copies of the individually kept bank ledgers goes up as well which means every transaction that needs to be verified on the network increases almost exponentially in the required number of verification checks to keep those individual ledgers up to date with authentic and current information.

    That's the reason why cryptocurrency networks required huge computer server farms to verify as well as "mine" cryptocurrency to keep the people holding these cryptocurrency honest.

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