Cryptocurrency | Capitalism | Public Resources

Now Is the Time for You to Pay Attention to Bitcoin. They’re Screwing Us All.

The hidden public costs of Bitcoin mining

Have you been blind to Bitcoin, like I have? It’s time to open our eyes. ()

Have you been ignoring Bitcoin, as I have?

I thought Bitcoin was a game akin to gambling or speculating in penny stocks. I’m not a criminal so untrackable currency doesn’t float my boat, but I had no reason to stop other people from risking their money. I thought it didn’t affect me.

I realized just how wrong I was when I read this New York Times article: “.” Then I got angry, and I want you to get angry too.

The NYT used financial disclosures, land records, and satellite imagery to create the first national accounting of the 34 biggest Bitcoin mining operations in the United States.

TLDR:

I highly recommend you read the full article. The photographs and diagrams paint a brutal picture of capitalism running amok. However, it is a 15-minute read so here’s the TLDR:

Bitcoin mines use a tremendous amount of energy. Tremendous means that just 34 mines use the energy equivalent of all the households in New York City.