Technology: University of New Mexico researchers find Bitcoin mining is environmentally unsustainable
www.eurekalert.org
Taken as a share of the market price, the climate change impacts of mining the digital cryptocurrency Bitcoin is more comparable to the impacts of extracting and refining crude oil than mining gold, according to an analysis published in Scientific Reports by researchers at The University of New Mexico. The authors suggest that rather than being considered akin to ‘digital gold’, Bitcoin should instead be compared to much more energy-intensive products such as beef, natural gas, and crude oil.

Each coin mined in 2021 caused $11,314 of climate damage, adding to the total global damages that exceeded $12 billion between 2016 and 2021.

  • jorgesumle@lemmy.pt
    1·
    2 years ago

    fiat money has its value in the economy of the issuing country. “The more people use it” can’t magically form a backing, so it is backed fully on faith. If that faith ever falters, it will collapse.

    If no one trusts the fiat money it has no value, no matter how big the economy. Remember German money before WW2? If nobody believes the currency has value, it’s worthless. It’s worth a thing because people have faith in the government. If that faith ever falters, it will collapse.

    Ok, you don’t get how a Ponzi scheme works.

    US Dollars are Created by a Debt-Based Pyramid Scheme, Fronted by an Investment-Based Ponzi Scheme With Extra Steps. Is the Fed running a Ponzi scheme?

    It’s… questionable and his books have been criticized as full of nonsense.

    Well, I’ve read some of them, and they aren’t full of nonsense.

    As for his net worth, he’s sold 30 million books and I’m sure does other things. Of course he has bundles of money. Doesn’t mean that he has good advice.

    If he’s made and kept more money than you, maybe he manages money better than you. What’s your net worth? I mean, it’s easy to speak…

    Then a month later, the market recovered and I had gained again.

    You’re being faithful, man. Markets can take decades to recover, just like it happened to the Japanese market.

    The critical problem was that they issued money to pay massive war debts without a corresponding economy to back it.

    COVID money print, Ukraine war…