There Is Nothing Virtual About Bitcoin’s Energy Appetite

Read the full story in the New York Times.

Creating a new Bitcoin requires electricity. A lot of it.

In the virtual currency world this creation process is called “mining.” There is no physical digging, since Bitcoins are purely digital. But the computer power needed to create each digital token consumes at least as much electricity as the average American household burns through in two years, according to figures from Morgan Stanley and Alex de Vries, an economist who tracks energy use in the industry.

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