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Bitcoin Miners Can’t Drain Resources Forever

 This kind of farming isn’t so great for the environment. Photographer: Christinne Muschi/Bloomberg

Unlike other financial assets, Bitcoin requires more energy as its price rises. That’s not sustainable.

Bitcoin Miners Are on a Path to Self-Destruction — Noah Smith

Many of the complaints about Bitcoin over the years have been overhyped. But the cryptocurrency’s increasing use of real physical resources — energy and computer chips — can no longer be ignored. If Bitcoin wants to avoid government crackdowns, it needs to shift to technologies that don’t require constant massive resource consumption just to maintain the currency’s price.

Read the whole thing.

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This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion published this week based on web readership. 

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