For all its wondrous technology, Bitcoin is an environmental calamity. Bitcoin transactions are validated using a mechanism called proof of work that obviates the need for third-party institutions such as banks or credit card companies to intermediate transactions. This process, referred to as mining, requires enormous amounts of brute-force computing power in a race to solve complex numerical puzzles. Computers that are the first to solve specific puzzles are rewarded with Bitcoin. Solving these puzzles has no benefit to humanity but, with Bitcoin’s price above $50,000, there is a strong economic incentive to devote computing power to this task.
