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Mining Bitcoins takes power, but is it an “environmental disaster?” | Ars Technica

Mining Bitcoins takes power, but is it an “environmental disaster?” | Ars Technica | General Auctions | Scoop.it

 

Mark Gimein is something of a Bitcoin skeptic, but in addition to his concerns about Bitcoin not being a "real currency," he's now charging that it has created a "a real-world environmental disaster."

 

Writing in Bloomberg News, Gimein notes that mining Bitcoins—performing computationally expensive calculations needed to define new Bitcoins—uses power. A lot of power. (Read our 2011 Bitcoin primer for more details.) He writes:

 

"About 982 megawatt hours a day, to be exact. That’s enough to power roughly 31,000 US homes, or about half a Large Hadron Collider. If the dreams of Bitcoin proponents are realized, and the currency is adopted for widespread commerce, the power demands of bitcoin mines would rise dramatically.

 

If that makes you think of the vast efforts devoted to the mining of precious metals in the centuries of gold- and silver-based economies, it should. One of the strangest aspects of the Bitcoin frenzy is that the Bitcoin economy replicates some of the most archaic features of the gold standard. Real-world mining of precious metals for currency was a resource-hungry and value-destroying process. Bitcoin mining is too."

 

Click headline to read more--

 


Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc, Gottcash.com Penny Auction
Gottcash.com Penny Auction's insight:

I know, I know... Bitcoins.

 

I don't know about you but I'd rather have something hard and real and based on something solid.

 

Low and behold look what happened...

 

Bit coins (once worth $200 USD+) now worthless.

 

THat's why when it comes to coins, I want silver or gold coins thank you very much!

 

Just so happends we have some gold and silver coins on aucion over at the site www.GottCash.com

 

Come visit and have a look.

 

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Gold isn’t going anywhere

Gold isn’t going anywhere | General Auctions | Scoop.it
Gold crashes, gold down, gold Bitcoined, gold... What do we at ECM south america have to say about the current developments? Well, at first that Gold = Gold. And second that gold isn't going anywhere.
Gottcash.com Penny Auction's insight:

Boy do we agree with this! But the trick is and always will be how do you buy right?

 

That's why I created www.gottcash.com

 

Its a penny aucton site but a fair one.

 

It's the only one that I'm aware of where your bids actually have value.... even if you didn't win an auction. 

 

Fair is fair right?

 

Swing over and have a look. We are even offering free bids so you can give us a try. www.gottcash.com

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1913 Liberty Head Nickel Is Expected to Fetch Millions

1913 Liberty Head Nickel Is Expected to Fetch Millions | General Auctions | Scoop.it
Ryan Givens and his family are expected to collect $2 million to $5 million at auction for a rare nickel that was once labeled a fake.
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Gina Lollobrigida auctions Bulgari gems at Sotheby's sale ... - Hello!

Gina Lollobrigida auctions Bulgari gems at Sotheby's sale ... - Hello! | General Auctions | Scoop.it
Gina Lollobrigida to showcase 23 Bulgari jewels at Sotheby's Magnificent Jewels and Noble Jewels sale.
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Lamborghini seized through Washoe County forfeiture auctions at $88000 (video) - Reno Gazette Journal

Lamborghini seized through Washoe County forfeiture auctions at $88000 (video) - Reno Gazette Journal | General Auctions | Scoop.it
Lamborghini seized through Washoe County forfeiture auctions at $88000 (video) Reno Gazette Journal A 2006 Lamborghini Gallardo — estimated to be the most expensive item ever seized through the forfeiture process in Washoe County history — sold for...
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Auctions selling luxury homes in Salt Lake - ksl.com

Auctions selling luxury homes in Salt Lake - ksl.com | General Auctions | Scoop.it
Auctions selling luxury homes in Salt Lake
ksl.com
While auctions can be held in-house, online auctions are an alternative. Websites like eBay and RealtyBid.com have gotten involved in auctioning homes online.
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Sotheby's auctions rare white diamond - USA TODAY

Sotheby's auctions rare white diamond - USA TODAY | General Auctions | Scoop.it
Sotheby's auctions rare white diamond
USA TODAY
Rare gem collectors are paying close attention to Sotheby's 'Magnificent Jewels' spring auction this week in New York.
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A Case for Buying Silver - BullionVault

A Case for Buying Silver - BullionVault | General Auctions | Scoop.it
Globe and Mail
A Case for Buying Silver
BullionVault
In this interview with The Gold Report, Rick Mills, owner and host of Ahead of the Herd, points to the fundamentals of silver.
Gottcash.com Penny Auction's insight:

I'm all for silver. But why buy when you can get a great deal at an auction house?

 

There's a new site online called www.GottCash.com and they are offering free bids for you to get involved and try out the site.

 

Silver coins and silver basrs are up for auction right now.

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Julia's January Auction Showcases Why Asian Antiques Are So Hot

Julia's January Auction Showcases Why Asian Antiques Are So Hot | General Auctions | Scoop.it
... (News> Julia's January Auction Showcases Why Asian Antiques Are So Hot: Did you know Asian art and antiques are e... http://t.co/GY9BV443)

Via AMANDA ADDAMS AUCTIONS
Gottcash.com Penny Auction's insight:

Even asian antiques are becoming strong collectables. 

 

If you're interested in coins and precious metals you should have a look at www.gottcash.com 

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Sarah Hanson, 19, Auctions Off Future Earnings To Launch Senior Living Map - Huffington Post

Sarah Hanson, 19, Auctions Off Future Earnings To Launch Senior Living Map - Huffington Post | General Auctions | Scoop.it
Sarah Hanson, 19, Auctions Off Future Earnings To Launch Senior Living Map Huffington Post Before the auction began, Hanson assured potential bidders that she would use the money to pay down her existing college debt and to launch her project, a...
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NYC Auction Houses Sell $30.8M in Photo Auctions in One Week ...

NYC Auction Houses Sell $30.8M in Photo Auctions in One Week ... | General Auctions | Scoop.it
In the first week of April, the three major auction houses in New York managed to post over $30 million in photography sales, showing that the photogra.
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Egypt to hold further special forex auctions - Reuters

Egypt to hold further special forex auctions Reuters CAIRO, April 14 (Reuters) - Egypt's central bank will hold further exceptional foreign exchange auctions, it said in a statement on Sunday after launching a $600 million auction to cover...
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Treasury Auctions Set for This Week - New York Times

Treasury Auctions Set for This Week - New York Times | General Auctions | Scoop.it
Treasury Auctions Set for This Week
New York Times
The Treasury's schedule of financing this week includes Monday's regular weekly auction of new three- and six-month bills and an auction of four-week bills on Tuesday.
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$1000 Tuition Grant | 2013 ThinkTV GreatTVAuction Presented By The Dayton Daily News

$1000 Tuition Grant | 2013 ThinkTV GreatTVAuction Presented By The Dayton Daily News | General Auctions | Scoop.it
As one of the top Catholic research universities in the nation, The University of Dayton is offering a $1,000 Tuition Grant, item number 202 on the Big Board.
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