The researchers found the energy emissions for Bitcoin mining had grown 126 times from 0.9 tonnes of emissions per coin in 2016, to 113 tonnes per coin in 2021
Most cryptocurrency trades don’t involve dollars, but rather other cryptocurrencies like Bitcoin or Ether. A much more likely scenario than the one above is that I convince someone to give me .00074 ETH (around $1 at the time of writing) for my one MOLLY token, and voila: $1 million market cap (because market caps are almost always displayed in dollars3) despite MOLLY never having been traded against the dollar
« The more you think about it, the more “it’s early days!” begins to sound like the desperate protestations of people with too much money sunk into a pyramid scheme, hoping they can bag a few more suckers and get out with their cash before the whole thing comes crashing down »
« So why this hype? Because the cryptocurrency space, at heart, is simply a giant ponzi scheme where the only way early participants make money is if there are further suckers entering the space. The only “utility” for a cryptocurrency (outside criminal transactions and financial frauds) is what someone else will pay for it and anything to pretend a possible real-word utility exists to help find new suckers »
The crypto mining farm was stealing ~$250k of electricity per month, also further investigation seem to show that game consoles were used to mine FUT cards for the game FIFA 🤷
« Bitcoin enthusiasts might watch the video and see dreams of prospective crypto wealth crushed to bits, while anti-mining advocates are likely to see Bitcoin’s ecological impact being slightly curtailed amidst all of that e-waste »