Is Bitcoin Mining a Real-World Environmental Problem?

First time accepted submitter HeadOffice writes "Mark Gimein points out that Bitcoing mining uses a lot of power, enough that it is a real world problem: 'About 982 megawatt hours a day, to be exact. That’s enough to power roughly 31,000 US homes, or about half a Large Hadron Collider. If the dreams of Bitcoin proponents are realized, and the currency is adopted for widespread commerce, the power demands of bitcoin mines would rise dramatically. If that makes you think of the vast efforts devoted to the mining of precious metals in the centuries of gold- and silver-based economies, it should. One of the strangest aspects of the Bitcoin frenzy is that the Bitcoin economy replicates some of the most archaic features of the gold standard. Real-world mining of precious metals for currency was a resource-hungry and value-destroying process. Bitcoin mining is too.' However, not everyone is convinced that virtual mining is as bad for the environment as the real thing."

Re:Conversion

[__aaltlg1547]

"About 982 megawatt hours a day, to be exact"

982 MWh/day / 24 = ~41 megawatts

Come on reporters, convert brain-dead units into normal units.

MWH is a unit of energy. It's also readily convertible to money.

In another unit

[Guspaz]

Continuing my tradition of using Hydro-Québec's installed capacity as a unit of measurement, this "environmental problem" is only consuming 0.0011 Hydro-Québecs.

Re:I guess it depends

[haruchai]

He simply wanted to say "fungible"

Re:Conversion

[PvtVoid]

"About 982 megawatt hours a day, to be exact" 982 MWh/day / 24 = ~41 megawatts Come on reporters, convert brain-dead units into normal units.

Yeah, we want it 1.21 GW/day units, e.g., how many bolts of lighting per day.

What's that in Libraries of Congress?

Re:Conversion

[kelemvor4]

Correct. You can use a bitcoin exchange to convert real money into fake currency as well.

Re:Conversion

[bistromath007]

...Bitcoin is an MMO?

Re:I guess it depends

[shentino]

Hear hear for mushroom power!

Re:Conversion

[dbIII]

I can rent a forklift and driver with beer but that doesn't make it a currency by any definition unless you only use two hundred words of English and have to make what little you know stretch to fit. In other words your effort at proof via feigned stupidity is not working so please try to pitch things at a level where we can do more than just pity the tragically retarded person you are pretending to be.