Cyber goldmines draining the world’s power

FROM the outside, it looks any other bland warehouse – a vast ‘shed’ in a bleak industrial wasteland. In fact, this is one of the world’s ‘Bitcoin mines’ – premises that are filled with towering rows of expensive computer equipment which ‘digs up’ the mysterious digital currency by solving complex computer puzzles to create each new Bitcoin.

So energy intensive is the process that these vast computer ‘mining’ operations are estimated to have consumed more electricity this year than the entire nation of Ireland. Indeed, given current growth rates, some experts predict that by 2020 the cyber-currency could require more electricity to process than the entire world uses today, severely impacting the fight against global warming.

Adding to ecological fears, the intense heat generated by Bitcoin ‘mines’ means they are often situated in areas with cooler climates, like this one in Iceland, to help reduce the need for expensive air conditioning. China is another popular location.

Only five million of the 21million possible Bitcoins remain to be ‘found’ so for the mines, the race is on.

KEEPING COOL: This Bitcoin ‘mine’ is located in Iceland to help reduce huge air conditioning costs

ENERGY INTENSIVE: Inside, the ‘mines’ are filled with towering banks of computer equipment