It is reported that the process for producing bitcoins – called mining – uses a staggering amount of energy, in the end to achieve nothing!
I’ve not dealt with bitcoins before,
’Cos I don’t want to be a bore,
And, also, if the truth be told,
Although I might be very old,
I really didn’t have a clue,
What they were or were meant to do.
But explanations have appeared,
Quite recently and, as I feared,
It doesn’t all make too much sense,
To those imbued with common sense.
Invented by – nobody knows –
But after kicking off he goes,
And disappears, just as he came,
With billions to his unknown name.
Bitcoins, in fact, do not exist,
But if you really can’t resist,
You can buy them at a machine,
Though I, myself, am non too keen.
You put your cash in through the slot,
Though, sadly, it won’t buy a lot,
And you’ll get an encryption key,
To show that it belongs to thee.
Supposedly, then, you can spend,
The coin and so achieve some end,
And nobody will ever know,
That the transaction’s yours and so,
If you’re a criminal it’s great,
As you’ll, perhaps, appreciate.
But more bizarre is making new,
Bitcoins for that’s what some folk do,
So do read on, there’s info here,
Which might on this give you a steer.
You must, if thus you do resolve,
A cryptographic puzzle solve,
The prize for which, if you succeed,
Is one bitcoin – it’s all you need.
The problem is this puzzle’s hard,
Yet still it is not a canard,
So you will need a warehouse and,
Computers by the ten thousand.
They chug away by day and night,
Trying to get the puzzle right,
But as they do so they consume,
Power in this vast computer room.
And it’s been estimated that,
All bitcoin miners working flat,
Use power enough for, more or less,
Three million homes in the US!
But much of this is China based,
Where normal miners work in haste,
Producing coal to make the power,
To keep these going every hour.
So after tons and tons of coal,
These computers achieve their goal,
Of solving then this puzzle so,
The bitcoin miner can then go,
And use then his encryption key,
To say this coin belongs to he.
I hope the point has not been missed,
That these bitcoins do not exist,
So all that this coal has achieved,
Apart from fooling those naïve,
Is global warming to increase,
When, preferably, it ought to cease.
So with this problem, what to do?
It’s too complex for me or you;
But governments are now concerned,
That tax on cash that has been earned,
Might not, in fact, be being paid,
By people who would tax evade.
And those with criminal intent –
Those people who aren’t straight, but bent –
Will doubtless for the time being,
Use it for money laundering.
So we might expect them to act,
To deal with these coins so abstract,
But what they’ll do, how far they’ll go,
At this stage I just do not know.
But when there is some more to say,
Which could, in fact, be any day,
About what’s happening in this sphere,
Be sure to come and read it here.
Important note: Some of the above may be factually incorrect and none of it should be considered to constitute any sort of investment advice.