Bitcoin mining consumes vast amounts of energy.

In our new series for the Future Citizen Institute we lay the focus on social implications of emerging practices from the fintech industry. The weekly published articles aim to inform an international audience with an interest in the evolution of financial technology and the economic, political, or philosophical meaning thereof. In particular, applications of the blockchain technology, such as self-enforcing contracts or bitcoin mining, will be presented and cautiously discussed, to enable the reader the development of a holistic perspective. The first article introduces and explains key-terminology and is concerned with the comparatively high energy consumption of Bitcoin mining……