Bitcoin is Waste:
- Waste of Talent
- Waste of Chips
- Waste of Energy
- Waste of Time
And bitcoin mining is a dirty venture too…
Bitcoin’s environmental issues stem from its architecture, which deploys a proof of work (PoW) mining consensus mechanism that’s both energy and hardware intensive.
That amount of energy consumption comes with its downsides; the frequent wear and tear of the coin’s mining equipment. In the beginning, it was profitable to mine bitcoin using regular everyday computer hardware. But the crypto’s mining difficulty grows with time, necessitating the use of advanced miners the application-specific integrated circuits (ASICs).
ASICs are tailor-made for mining, but they have short life spans. An average ASIC is profitable for roughly 18 months. Miners, therefore, have to acquire new ones leading to an accumulation of decommissioned ASICs adding to the earth’s environmental woes.