2 years, 11 months ago

EXPLAINER: How cryptocurrencies work (and how they don’t)

NEW YORK — The first and most popular cryptocurrency, bitcoin, launched more than a decade ago. As an example, let’s use bitcoin, which is “mined.” In the physical world, here’s how mining works: A specialized computer processor runs on electricity and produces an astonishing amount of noise and heat. Cryptocurrency exchanges — where people can trade cryptocurrencies for traditional currencies — have been compromised multiple times, with digital bank robbers clearing out the accounts. One peer-reviewed study calculated that, as of November 2018, bitcoin’s annual electricity consumption was 45.8 terawatt hours, comparable to Hong Kong’s net electricity consumption in 2019, according to the U.S. Energy Information Administration. And bitcoin’s energy consumption has increased annually: The Bitcoin Mining Council estimated the cryptocurrency consumed 220 terawatt hours of energy in 2021.

Associated Press
Energy Cryptocurrency Electricity Blockchain Work Bitcoin Cryptocurrencies Digital Records Environmental Impacts Traditional Currencies Blockchains
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