Mining bitcoin is bad for the environment. According to a new paper, mining one dollar’s worth of bitcoin takes twice the energy to mind the same value of copper, gold, or platinum.
One dollar’s worth of bitcoin takes about 17 megajoules of energy to mine, according to researchers from the Oak Ridge Institute in Cincinnati, Ohio, compared with four, five and seven megajoules for copper, gold and platinum.
Mining bitcoin takes a lot of computing power, and those computers likewise need a lot of energy.
Check It Out: Mining Bitcoin Is Bad for the Environment