menu

Could Bitcoin Mining Be An Environmental Nightmare?

Could Bitcoin Mining Be An Environmental Nightmare?
technology

Even digital digging can have an impact on our ecosystem.

Ross Brooks
  • 18 april 2013

Bitcoins are the virtual currency that have been garnering a lot of media attention since their inception in 2009. Not only have they attracted attention, they have also increase greatly in value thanks to speculation and talk of a new global currency. Now though, a new issue has presented itself, the fact that “mining” the currency is actually intensive enough to pose a threat to the environment in the real world.

Mining for the coins is a process that involves solving processor-intensive equations. This process is intensive for a reason – it reduces the chances of flooding the market with currency, and therefore devaluing it. As more miners come onto the scene, the processing power required to retrieve the coins from a digital mine also increases, further controlling supply and demand.

It’s easy to think computer processing equations is only intensive for the computer, but even so this process requires electricity to work. Electricity that is often running powerful and specialised machines which use far more than the average desktop.

bitcoin-mining-3

The cost of mining Bitcoins today was $157,000 according to Blockchain, with profits being just over $200,000. So while the profits may be healthy, the impact is apparent and whether or not it is sustainable as interest in the virtual currency grows is the real question.

Bitcoins

Trending

Machine Printer Uses Coffee Drips To Create Intricate Portraits

Arts & Culture
Technology december 2, 2016

Why Nest Doesn't Get The Holidays

PSFK founder reacts to the damaging effects of poor email marketing

Children december 2, 2016

Robots Could Be Joining Dubai’s Police Force In 2017

The real-life RoboCops can salute, shake hands and collect traffic fines

Trending

Get PSFK's Related Report: Future of Automotive

See All
Travel december 2, 2016

Parka Hides And Charges Portable Devices

Bolt is a jacket that lets people carry and charge their various electronics without the need for an outlet

Related Expert

Kristina Dryža

Australian & International Consumer Trends Expert

Food december 2, 2016

Yelp's New 'Yelfie' Feature Lets Diners Take Selfies

The update is designed to encourage people to attach a selfie when they share their experiences

Design & Architecture december 2, 2016

Build Your Own Savory Cheese Advent Calendar

A British food blogger has created a guide to building a different kind of holiday surprise

Fitness & Sport december 2, 2016

Floating Gym Concept In Paris Is Powered By Your Workout

The proposed design from Carlo Ratti Associati lets passengers ride a stationary bike as they travel through Paris along the Seine River

PSFK LABS REPORT

Future Of Retail 2017
Transformation Strategies For Customer-First Business
NEW

PSFK Op-Ed december 2, 2016

Customer Service Expert: Why Offline Retail Has Better Data Than Online Retail

Healey Cypher, Founder and CEO of Oak Labs, shares why we should be thinking about the physical store as an e-commerce site

PSFK Labs december 1, 2016

Retail Spotlight: Home Depot Reimagines How Employees Conduct Tasks

The home improvement retailer puts the customer first by initiating local fulfillment centers and simplifying freight-to-shelf inventory management

Syndicated december 2, 2016

What Does The Future Of Android Look Like In A World With The Pixel?

Google’s decision to make its own phone might have looked like a blow to the likes of Samsung but the reality is much more interesting

Fashion december 2, 2016

Alexander McQueen Designs A 3D-Printed Umbrella

3D-printed fashion arrives in time for the winter season

Work december 2, 2016

Why Training Associates To Be Advocates Is Key To Retail Success

In our Future of Retail 2017 report, PSFK Labs discusses strategies to prioritize customer service, which begins with associate advocates

Media & Publishing december 2, 2016

Netflix Creates Binge Candle To Celebrate A New Season Of Gilmore Girls

The streaming service developed a special layered candle that creates candle with episode-specific smells

Arts & Culture december 2, 2016

Interactive Film Tells A Story About Living With Cancer

A moving song written by a father of a cancer patient comes alive in a 3D environment

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

Automotive december 2, 2016

Audi And LEGO Exhibit Autonomous Vehicle Installation

The installation at Design Miami explores the 25th hour, which represents bonus productive work or play time

Gaming & Play december 2, 2016

This Game Lets You Be A Pilot In The Drone Racing League

DRL Racing Simulator recreates actual courses in a virtual environment

Travel december 1, 2016

Hotel Chain Is Giving Away Its Not-So-Super Hotel Art At Art Basel

A lesson in how to advertise a kitschy-to-cool redesign in the middle of Miami Art Week

No search results found.