Originally posted by Sparko
View Post
see your PM. the price is still dropping but I think it will eventually go back up. Musk didn't sell his bitcoin which is telling. Some people think he is using this to set the stage to sell a green energy bitcoin mining rig he comes up with to "solve the problem"
Blockchain is from what I understand a distributed encrypted ledger/database containing all of the crypto. Every time you buy or sell it has to be processed and re-encrypted and added back to the blockchain. That takes calculation power which in turn uses electricity which uses fossil fuels mostly. You can earn bitcoin transaction fees by processing these transaction. You can also "mine" new crypto by solving some algorithms adding more available bitcoin to the blockchain. Bitcoin encryption is very complex and takes a lot of power. The mining boxes for crypto are usually dedicated servers filled with GPU cards or special processor cards built just for mining/processing. for most people, it would take more electricity costs to mine the crypto than you would earn.
Told you guys that we should have bought Greenland ...
Comment