A cryptocurrency is a digital form of exchange that uses cryptography (encrypted code) to create units of the currency (coins) and carry out secure transactions. The encryption allows cryptocurrencies to work as a virtual store of value that’s practically impossible to counterfeit.
When it comes to cryptocurrency mining, specialised ASIC rigs left regular PCs and laptops in the dust a long time ago. But can there be a new device to challenge ASIC?
In the intervening 12 months, the cryptocurrency’s appetite for electricity has reached around 70 terawatt-hours, or about as much electricity as Chile uses every year.