Tag: mining

As the value of bitcoin soars and concerns rise about the energy-intensive process needed to obtain it, cryptocurrency entrepreneurs in the United States believe they have found a solution in flared natural gas. Profitably creating, or mining, bitcoin and other cryptocurrencies requires masses of computers dedicated to solving deliberately complicated equations — an endeavor that…

Some Tesla investors, along with environmentalists, have been increasingly critical about the way bitcoin is “mined” using vast amounts of electricity generated with fossil fuels. Musk said on Wednesday he backed that concern, especially the use of “coal, which has the worst emissions of any fuel.” So how dirty is the virtual currency? Power hungry…

New York State Senate Energy and Telecommunications Committee Chairman Kevin Parker introduced a bill that proposes a moratorium on mining cryptocurrency using electricity generated by burning fossil fuels in the state for a period of three years. The senator argues that the mining of cryptocurrency should be banned to reduce the negative impact on the…