Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
By Staff Reporters
***
***
Bitcoin’s energy hunger, which has alarmed environmentalists and consumer advocates concerned about pollution and utility prices, comes from the process of mining new tokens. Bitcoin miners earn new tokens by validating transactions through an inherently energy-inefficient process, using specialized machines to solve complex puzzles. All that computing by all those machines has led to an energy appetite rivaling that of entire nations. Bitcoin’s annualized energy consumption has fallen from about 204 terawatt-hours (TWh) per year on June 11th to around 132 TWh per year on June 23rd. But even though its electricity use has plunged, it’s still very high — roughly equivalent to the amount of electricity Argentina uses in a single year.
Editor’s Note: Incidentally, colleague Mike Burry MD, the Scion Asset Management boss has also compared the crypto boom to the dot-com and housing bubbles, and cautioned that retail buyers of meme stocks and crypto are barreling towards the “mother of all crashes.” – DE Marcinko
Markets: Finally, and according to preliminary data, the S&P 500 gained 116.98 points, or 3.08%, to end at 3,912.71 points, while the NASDAQ Composite gained 380.21 points, or 3.38%, to 11,612.40. The Dow Jones Industrial Average rose 839.93 points, or 2.70%, to 31,505.59.
***
COMMENTS APPRECIATED
Thank You
***
***
Share this:
Filed under: Alerts Sign-Up, Glossary Terms, Investing, LifeStyle | Tagged: bitcoin electricity, bitcoin's energy, crypto, crypto energy, DJIA, Dow Jones Industrial Average, markets, Mike Burry MD, NASDAQ, S&P |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Leave a Reply