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DetroitLegalBeagle

(1,922 posts)

8. You are correct

Reply to Elessar Zappa (Reply #7)

Thu May 13, 2021, 11:11 AM

May 2021

Mining for Bitcoin or pretty much any other cryptocurrency is basically using a computer to help process an extremely difficult and complicated calculation, and the reward for doing so is the bitcoin or whatever crypto you are mining. Because of the complexity, there are large server farms running thousands of computers that are dedicated solely to this mining and the power consumption is considerable. China is probably the top in the amount and size of crypto mining operations and the bulk of their power comes from coal plants.

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So Elon Musk now no longer accepts bit coin for Tesla purchases because of energy bitcoin uses [View all] JohnSJ May 2021 OP

He wants Dogecoin to rise as Bitcoin falls. PubliusEnigma May 2021 #1

He just sold a ticket to the Moon, paid for with Dogecoin. lagomorph777 May 2021 #4

Exactly. Dogecoin kills the Earth, too. PubliusEnigma May 2021 #19

Cryptocurrency is stupid. Tommy Carcetti May 2021 #2

+1 Bernie Madoff never dreamed of such a successful scheme. lagomorph777 May 2021 #3

I don't understand hauckeye May 2021 #5

I think Elessar Zappa May 2021 #7

You are correct DetroitLegalBeagle May 2021 #8

+1. Electricity needed to mine bitcoin is more than used by 'entire countries' dalton99a May 2021 #10

Bitcoin and cryptocurrencies in general are quite a bit different than electronic banking GregariousGroundhog May 2021 #11

Because it's -------EXTREMELY---- hard to mint bitcoin fescuerescue May 2021 #17

He sold $100 million in Bitcoin last quarter to pad Tesla's profits tinrobot May 2021 #6

Yep. dalton99a May 2021 #9

Well he is still a genius inventor fescuerescue May 2021 #14

He's good and bad. jimfields33 May 2021 #16

Total pump and dump, and now doing it with Doge, with the help of various suckers downstream greenjar_01 May 2021 #12

Yet Dogecoin is simply a clone of bitcoin fescuerescue May 2021 #13

He should hurry up and jump onto one of his Mars rockets struggle4progress May 2021 #15

Crypto confuses me-- dawg day May 2021 #18

Okay, researched a bit- mining actually has a bit of benefit-- dawg day May 2021 #20