Bitcoin is the worst waste of resources and energy in human history. It is solely used for financial speculation, with no genuine utility. This is a call to ethical hackers: through targeted and repeated computer attacks, we could undermine the confidence of speculators and burst this irrational and destructive financial bubble.The price of Bitcoin recently reached new highs: more than $ 30,000 for 1 bitcoin. The electricity consumption of this cryptocurrency follows the same trend [1] The blockchain constantly consumes as much electricity as Chile (77.78 terawatt-hours per year) and has the same carbon footprint as New Zealand (36 million tons of CO2 per year) [2], [3]. Each Bitcoin transaction consumes as much as 700,000 bank card transactions.This insane consumption is not a defect, in the sense of an anomaly that could be improved in future versions. It is rather a structural design, at the core of Bitcoin, which guarantees the security of the system.Bitcoin bases its trust on the proof of work (POW). Like for gold miners, the \u201cminers\u201d who find bitcoins provide proof that they have used energy by solving a very complex mathematical problem. Whenever a technological leap improves the efficiency of the computation, the network automatically adapts itself by increasing the difficulty of the problems to solve. Therefore, on average, a block is mined every 10 minutes in the world, no matter how powerful is the network.Thus, at any time, the energy used is equivalent to the value of the mined bitcoins, and therefore proportional to the market capitalization of the bitcoin. If the price collapsed, the complexity of the problems would decrease and the energy consumed by the grid would collapse accordingly.Not all cryptocurrencies have this problem.This article is not a general criticism of cryptocurrencies or the very principle of blockchain. The concept of blockchain\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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