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No matter your opinion on the prospect of digital currencies replacing traditional fiat currencies, the fact is that central banks and investors now find themselves evaluating the benefits of and exposure to cryptocurrencies. Today we’re focusing on the market and environmental implications of the large power requirements to mine bitcoin tokens and conduct digital currency transactions in a fossil-fuel dominated world.
The large power requirement behind digital currency mining is deliberate, increasing the cost of fraudulent transactions and deterring misuse of the currency. But what is mining, why is it done, and why are the power requirements escalating?