A single bitcoin transaction uses more energy than a Canadian home for a month, one expert is estimating.

Bitcoin miners will guzzle more electricity this year than some countries do, according to new numbers from a leading researcher. And while some critics take issue with these figures, few disagree that the digital currency’s energy use is a problem that’s only getting bigger.

Economist Alex de Vries studies bitcoin and other cryptocurrencies, which were invented in 2008 by an anonymous computer programmer. Bitcoin allows people to buy and sell things directly from each other without the use of intermediaries, like banks or currencies controlled and manipulated by governments.

Source: CBC News

Date: May 22nd, 2018

Link: http://www.cbc.ca/news/business/bitcoin-electricity-1.4668768

Discussion

1) Do you understand what is being done during cryptomining?  Do some research to find out what it means.

2) Why does cryptomining use so much electricity?