In mid-Could 2021, billionaire Elon Musk despatched a tweet that crashed the cryptocurrency market. The Tesla CEO introduced the electrical automobile firm would now not settle for bitcoin for purchases resulting from its large power consumption. So why does crypto-mining use a lot electrical energy, and is there a sustainable various? CNBC’s Nessa Anwar is joined by Ryan Browne to elucidate.
Contents of this video:
0:00 – Intro
0:34 – What makes crypto completely different?
1:19 – Why was crypto-mining launched?
1:49 – How does crypto-mining work?
2:19 – The massive downside with crypto-mining
3:23 – How a lot power does Bitcoin use?
4:17 – Is it simply Bitcoin with these points?
4:35 – Bitcoin’s largest mining international locations
5:04 – Bitcoin blackouts
5:20 – Governments hit again at miners
5:46 – The advantages of crypto
6:00 – Crypto vs on-line banking
6:55 – Ethereum’s plan to decrease power use
7:40 – Is crypto-mining price it?
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