One thing everyone agrees on is that it has become a staggering consumer of energy and producer of climate wrecking carbon dioxide.
The price of the crypto asset hit a record high of $81,000 in April before pulling back to the still-frothy $72,000 this month.
The computers engaged in the mining are said to be conducting “proof of work” and each of them engaged in the process maintain a record of every bitcoin transaction ever made – cementing the currency’s security and its independence from central banks.
This way Iris benefits from cheap energy while renewable energy operators are able to maintain demand during their less profitable periods, enabling their further expansion.
Norway, for example, is rich with hydro-power it’s unable to export so it imports bauxite to turn it into aluminium.
There’s little sign of the momentum for bitcoin slowing down.
For many engaged in the virtual currency, bitcoin is only the first attempt at a cryptocurrency.