Bitcoin Mining Is Already A Climate Disaster

[WhoIsNumberNone]

[doc03]

1. Don't comprehend bitcoin mining. Bitcoin is

not a physical object how the f--- do you mine it.

[drray23]

2. processing the bitcoin transactions occuring all over the world

is what is called mining. The way bitcoin work is that every transaction is added to the so-called bitcoin chain. In order to validate a transaction, that chain has to be processed by computers. Its hugely computational intensive. If you use your own computer farm to do so (mining) you get paid as a cut of the transaction.

[Quixote1818]

8. The problem is individuals can't compete with these large outfits doing the mining

It was supposed to be something regular folks could make money off of but a small outfit isn't fast enough and so these massive, energy consuming mining outfits get almost all of the mining money. Just like anything that starts out with good intentions, folks with money and power push out the little guy and take over.

[sop]

3. Right. I've been trying to understand the whole bitcoin thing for a couple of years now.

No matter how much I read about the subject, I can't make heads or tails of it. I asked a "bitcoin investor" to explain it to me, but quickly figured out he didn't know what the hell he was talking about either. I guess I'm just too stupid.

[doc03]

5. Me too I can't comprehend how computers

could use that much electricity. I worked 40 years on a steel mill you could easily see that did take a lot of energy. I predict the next financial bubble to break will be Bitcoin and we will have to suffer the consiquences.

[Binkie The Clown]

4. Understanding bitcoin mining requires a deep understanding of

some very esoteric theories in a branch of mathematics called number theory. Mining amounts to brute force searching for numbers with certain rare properties involving modular divisibility. It has it's root in esoteric cryptological methods involving the near-impossibility of finding the factors of a large composite number that has only two very large prime factors.

If you really want to understand it, start with block cipher cryptography. Once you've mastered that subject, you're ready to move on to block chain theory.

[doc03]

6. I didnt understand derivatives and the like either but

it led to the Great Recession. The people that created the mess walked out with their pockets full and we are still paying for it.

[Binkie The Clown]

7. I don't recall which SicFi author said "Never depend on something you don't understand." nt

[Shoeless Louis]

10. Don't trust anything if you don't know where it keeps it's brain. Something like that in Harry Pott

Personally, I feel the Bitcoin concept reeks of Ponzi.

[Mr.Bill]

9. I turn 68 this month

and I hope I go to my grave not knowing or understanding what bitcoin is.

[Initech]

11. John Oliver said it best:

"Bitcoin - it's everything you don't understand about computers combined with everything you don't understand about economics."

[Mr.Bill]

12. LOL. When Elon Musk hosted SNL

They did a great piece about it on Weekend Update.