Do Chicks?

14K FOLLOWER CELEBRATION | FAVORITE MOVIES AS VOTED BY FOLLOWERS

The Animals - House of the Rising Sun (1964)

Silver Jews - New Orleans (1994)

So every transaction with bitcoins requires the ledger to be updated with the current ownership of every already existing bitcoin, which also requires encrypting and decrypting a bunch of information and sharing it across the public ledger. So every transaction made with bitcoins increases the energy requirements of updating the ledger making it harder and harder to complete the latest version and get the coin which is a reward for doing that work.

See all these warehouses? They’re quite literally filled to the brim with specialized computers that do nothing but mine, each one filled with thousands of these computers, just row after row of this:

Graphics cards! 

Lots and lots of these puppies side by side, spinning their little fans as fast as they can go because as it turns out: GPUs are perfect for doing the calculations required for mining cryptocurrency.

Which means amateur miners buy a lot of these things.

So many, in fact, that there is now (May 2021) a world-wide shortage of NVIDIA and AMD graphics cards and building a new gaming rig is damn near impossible because of the shortage. 

OR you can pay a ridiculously inflated price by GPU scalpers on eBay.

Seriously. Places that sell GPUs impose quantity limits because if they don’t… some crypto asshole will buy out their entire stock in one go.

But the “good” news is that the professional miners (like the Bitmain site up there, in the photos) use dedicated ASIC mining rigs which don’t use consumer GPUs. But (bad news) they DO use the same sort of chips that NVIDIA & AMD rely on to make their products, which just starves the supply pipeline at a different point.

Bottom line: not only does cryptocurrency mining consume terawatts of electricity, it also consumes megatons of computer hardware. Which is expensive to produce (in resource terms, like rare metals, petroleum, water, electricity, paper) and will, someday, require even MORE resources to recycle. Or else it ends up in a landfill.

Note that current dedicated mining rigs are so highly specialized they are useless for anything other than mining. They cannot be easily repurposed to  (say) sequence DNA or fold proteins for miracle cures.