Bitcoin, as a type of virtual money, has sparked widespread controversy regarding its underlying mining mechanism. Approximately 450 Bitcoins are mined each day, with a total value exceeding 350 million RMB, but over 90% of the costs in this process are used to pay for electricity. This process of converting real-world energy into immutable digital assets in the virtual world can be seen as a modern version of "digital alchemy."

The core logic of Bitcoin is built on ensuring the security and immutability of virtual money through the consumption of energy from the physical world. However, this model has also become a focal point of controversy. According to data from the University of Cambridge in 2021, Bitcoin's annual electricity consumption has surpassed that of countries like Sweden and Ukraine, generating approximately 69 million tons of carbon emissions each year.

Bitcoin mining on a global scale can be described as a "violent math competition." A large number of ASIC Mining Rigs are continuously performing calculations 24 hours a day. Although these calculations have no practical use, they can prove that miners have incurred real costs. This high energy consumption characteristic forces mining farms to migrate like "digital nomads" to areas with lower electricity costs.

However, this behavior has also triggered a series of issues. For example, Iran experienced blackouts in the capital due to large-scale Mining, and Inner Mongolia, China, has terminated Mining projects on the grounds of "wasting energy." In addition, the large purchases of graphics cards by miners have caused a surge in global graphics card prices, disrupting the hardware industry's "Moore's Law."

People have vastly different opinions on whether the energy consumption of Bitcoin is worth it. Supporters argue that it is "the necessary cost of a revolutionary asset," emphasizing the advantages of Bitcoin such as inflation resistance and the convenience of cross-border transfers. Critics, on the other hand, see it as a "mirage," believing that participants are merely betting that they won't be the last one holding the bag.

Bitcoin is essentially an experiment built on energy, attempting to explore "how much the story of code and consensus is worth". The outcome of this experiment is still unknown, but it has already sparked profound reflections on our use of energy, environmental protection, and future systems of trust.

Whether you are interested in the future development of this "digital alchemy" or want to explore the balance between energy consumption and value creation, this is a topic worth delving into.