General Discussion

love_katz

(3,069 posts)

9. Not from the soil kind of mining.

Sat May 24, 2025, 02:17 PM

Saturday

Someone else posted an explanation: bitcoin is a computer creation. It's based on something called block chain. Every time someone purchases a bit coin, a unique number has to be generated for it, and it has to be linked to a specific location in the block chain in order for the purchase to be authentic.
Apparently, this process requires massive usage of electricity, because the computers run constantly generating the block chain, and they have to be cooled because the process generates a lot of heat.
In addition, bitcoin only has whatever value the owner of the company says it has. In other words, the "value " can vanish like a fart in a hurricane.

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Dem2theMax

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TFG ... bitcoin ... Harvard ... is this the "Why"? [View all] UpInArms Saturday OP

Good article Alice Kramden Saturday #1

Trump was right Mblaze Saturday #2

He meant it was a scam that he was not running. Sneederbunk Saturday #8

I must be Codifer Saturday #3

Yeah, i had no idea it involved mining. Silver Gaia Saturday #4

Bullshitium. Swede Saturday #5

well done krkaufman Saturday #11

LOL Silver Gaia Saturday #13

The "mining" is virtual, using computers. Those computers suck a shitload of electricity. SunSeeker Saturday #6

Thanks for the explanation. Silver Gaia Saturday #14

Not from the soil kind of mining. love_katz Saturday #9

Thanks. Silver Gaia Saturday #15

prime numbers Be Leave On Saturday #16

Data mining in general seems to be an environmental problem. live love laugh Saturday #7

Another possibility: there's speculation Harvard, Columbia, and Stanford all rejected Barron Gaugamela Saturday #10

What a smarmy looking specimen UpInArms Saturday #12