  {"id":26974,"date":"2017-11-15T23:27:13","date_gmt":"2017-11-16T04:27:13","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/"},"modified":"2017-11-15T23:27:13","modified_gmt":"2017-11-16T04:27:13","slug":"bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/","title":{"rendered":"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability"},"content":{"rendered":"<p><strong><em><u>\u00a0So What About Bitcoin:<\/u><\/em><\/strong><\/p>\n<p>The digitalization of currency represents one of the most exciting and evolving dynamics in today\u2019s global economy.\u00a0 Through blockchain peer-to-peer electronic cash systems, Bitcoin and other cryptocurrencies add material benefits to transactions, including rapid payments, elimination of intermediaries and fees, immutability, and anonymity.[i]\u00a0 As a result, Bitcoin popularity has risen substantially and an ever-increasing number of e-commerce organizations, including Expedia, Microsoft, and Overstock.com, are now accepting Bitcoin.[ii]<\/p>\n<p>Moreover, increasing interest in non-centralized cryptocurrencies has driven up the price of Bitcoin exponentially to $6,550 currently, an 833% increase year-over-year.[iii]\u00a0 This has given rise to the thriving bitcoin mining industry that now generates approximately $4.7 billion annual revenues.<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Market-Price.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26794 \" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Market-Price-1024x571.png\" alt=\"\" width=\"396\" height=\"221\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Market-Price-1024x571.png 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Market-Price-300x167.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Market-Price-768x429.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Market-Price-600x335.png 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Market-Price.png 1647w\" sizes=\"auto, (max-width: 396px) 100vw, 396px\" \/><\/a><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Revs.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26795 \" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Revs-1024x573.png\" alt=\"\" width=\"402\" height=\"225\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Revs-1024x573.png 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Revs-300x168.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Revs-768x430.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Revs-600x336.png 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Revs.png 1643w\" sizes=\"auto, (max-width: 402px) 100vw, 402px\" \/>[iv]<\/a><\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/How-Works-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26962 \" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/How-Works-1-1024x693.jpg\" alt=\"\" width=\"760\" height=\"514\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/How-Works-1-1024x693.jpg 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/How-Works-1-300x203.jpg 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/How-Works-1-768x519.jpg 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/How-Works-1-600x406.jpg 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/How-Works-1.jpg 1100w\" sizes=\"auto, (max-width: 760px) 100vw, 760px\" \/>\u00a0[v]<\/a><\/p>\n<p><strong><em><u>Not Without a Cost:<\/u><\/em><\/strong><\/p>\n<p>While the increasing adoption of Bitcoin creates numerous cross-industry opportunities, it also presents unique environmental and cost challenges for Bitcoin supply chain participants.\u00a0 The system is designed to maintain a steady rate of currency production by adjusting problem complexity based on speed solved.\u00a0 The rapid rise in prices has caused a corresponding rise in dedicated computing power, and thus a commensurate exponential increased puzzle difficulty.<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Hash.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26791 size-large\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Hash-1024x562.png\" alt=\"\" width=\"640\" height=\"351\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Hash-1024x562.png 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Hash-300x165.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Hash-768x422.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Hash-600x330.png 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Hash.png 1673w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a>[vi]<\/p>\n<p>The dark consequence of this proliferation has been the rise in energy consumption required to mine bitcoin.\u00a0 The numbers are staggering.\u00a0 As computing power has increased, average energy usage per transaction \u2013 ~90-95% of mining costs \u2013 has risen to 215 kilowatt-hours, enough to power a US household for a week. [vii],[viii]<\/p>\n<p>China-based Bitmain, the world\u2019s largest miner, exemplifies the breadth of these challenges.[ix]\u00a0 Bitmain\u2019s largest mining operations are located in Inner Mongolia, China, where it benefits from 30% tax-subsidies on power.[x]\u00a0 However, these mines utilize coal-plants to power their consumption, generating an estimated 24-40 tons of CO<sub>2<\/sub> <strong><em>per hour per plant<\/em><\/strong>, roughly the emissions of running a Boeing 747 over the equivalent timeframe.[xi]\u00a0 This generates significant risk of regulatory action in the future, which could include elimination of subsidies as the Chinese government has recently been evaluating its stance on Bitcoin.[xii]<\/p>\n<p>Taken holistically, the numbers are even more ominous.\u00a0 Annualized mining power consumption now equals ~27.3 TWh, overtaking Ireland as the world\u2019s 65<sup>th<\/sup> largest consumer.[xiii]\u00a0 Moreover, at this rate, by 2022 mining consumption will equal that of Japan.[xiv]\u00a0 This growth not only would imply a highly-unlikely required trading price between $300,000-$1,500,000 for mining profits to breakeven, but also exacerbates the risk of global regulation or taxation initiatives to limit such power usage, clamping the viability of the industry.[xv]<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Citi.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-26787  aligncenter\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Citi-1024x648.png\" alt=\"\" width=\"384\" height=\"243\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Citi-1024x648.png 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Citi-300x190.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Citi-768x486.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Citi-600x380.png 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Citi.png 1332w\" sizes=\"auto, (max-width: 384px) 100vw, 384px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong><em><u>May the Best Chip Win:<\/u><\/em><\/strong><\/p>\n<p>Bitmain and other miners have already acted to address some of these problems.\u00a0 As energy intensity increases, sophisticated miners have invested heavily in processing technology, moving from CPUs to GPUs to application specific integrated circuits (ASICs) specifically designed to improve mining capacity and heat content by orders-of-magnitude versus prior technology.<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Evolution.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26789 size-large\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Evolution-1024x603.png\" alt=\"\" width=\"640\" height=\"377\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Evolution-1024x603.png 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Evolution-300x177.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Evolution-768x452.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Evolution-600x353.png 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Evolution.png 1643w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a>[xvi]<\/p>\n<p>As one of the first miners to introduce ASICs into its operations, Bitmain has remained at the forefront of ASIC development, with its latest Antminer S9 ASIC offering best-in-class capacity and efficiency, positioning it well to remain the world\u2019s largest miner.<a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Table.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-26967  aligncenter\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Table.png\" alt=\"\" width=\"328\" height=\"126\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Table.png 859w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Table-300x115.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Table-768x295.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/Table-600x231.png 600w\" sizes=\"auto, (max-width: 328px) 100vw, 328px\" \/><\/a>[xvii]<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em><u>An Evolution into Machine Learning:<\/u><\/em><\/strong><\/p>\n<p>In an effort to diversify its business model, Bitmain also recently announced plans to enter the AI sector. Leveraging its core ASIC capabilities and vertical integration, Bitmain introduced its Sophon BM1680 chip, modeled after Google\u2019s Tensor Processing Unit (TPU)[1], for execution and training of deep learning algorithms.[xviii]\u00a0 \u00a0This move represents a natural strategic entry for Bitmain into a related, potential $5 billion annual market, as the Sophon is expected to offer significant advantages versus incumbent GPU-based AI accelerators.[xix]\u00a0 Further, this should also shield Bitmain over the long-term from potential environmental and cost risks associated with Bitcoin described above.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em><u>A Call for Geographic Diversification:<\/u><\/em><\/strong><\/p>\n<p>Bitmain should consider moving its mining operations to colder regions with cleaner, cheaper energy, such as Iceland. \u00a0Various global bitcoin mining companies have offshored operations to Iceland to take advantage of reduced energy costs through cheap renewables generation dual-sourced from Iceland\u2019s geothermal and hydroelectric capacity.[xx]<\/p>\n<p>Additionally, these companies are able to take advantage of Iceland\u2019s perma-cool temperatures to cool their servers \u2013 a process typically comprising 30-40% of energy consumption \u2013 without electricity to further lower costs.[xxi] \u00a0While Bitmain has attempted to improve cooling costs through evaporative coolers, its Inner Mongolia operations still experience summer temperatures reaching 97\u00b0F, which exacerbate the heat generated from its servers.[xxii]\u00a0 As energy requirements continue to rise, Bitmain should realize significant savings over the medium and longer-term that render the investment worthwhile.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em><u>Final Thoughts and Additional Questions:<\/u><\/em><\/strong><\/p>\n<p>Overall, the question remains as to what impact, if any, the increasing environmental toll will have on the Bitcoin system.\u00a0 Will governments intervene and what impact will that have on Bitcoin adoption? \u00a0With these challenges on the horizon, can changes be made to the system to adjust the currency distribution model without compromising the integrity and intent of the currency as a whole?<\/p>\n<p>&nbsp;<\/p>\n<p>[Total Word Count: 800 Words]<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"text-decoration: underline\"><strong>Footnotes:<\/strong><\/span><\/p>\n<p>[1] For more information regarding Google\u2019s development of TPU capabilities visit https:\/\/cloud.google.com\/blog\/big-data\/2017\/05\/an-in-depth-look-at-googles-first-tensor-processing-unit-tpu<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"text-decoration: underline\"><strong>Endnotes:<\/strong><\/span><\/p>\n<p>[i] Nakamoto, Satoshi. \u201cBitcoin: A Peer-to-Peer Electronic Cash System.\u201d Bitcoin.org, 24 May 2009, bitcoin.org\/bitcoin.pdf.<\/p>\n<p>[ii] Nishanian, Mariam. \u201c8 Surprising Places Where You Can Pay with Bitcoin.\u201d Business Insider, Business Insider, 11 Oct. 2017, www.businessinsider.com\/bitcoin-price-8-surprising-places-where-you-can-use-2017-10\/.<\/p>\n<p>[iii] https:\/\/www.coindesk.com\/price\/ (as of November 13, 2017)<\/p>\n<p>[iv] \u201cBlockchain Charts.\u201d Blockchain.Info, 13 Nov. 2017, blockchain.info\/charts\/. As of November 13, 2017. Annualized revenues based on last 30-day average.<\/p>\n<p>[v] ICPFonline. &#8220;How Bitcoin Works [Infographic].&#8221; https:\/\/twitter.com\/ipfconline1\/status\/868331047272017920.<\/p>\n<p>[vi] \u201cBlockchain Charts.\u201d Blockchain.Info, 13 Nov. 2017, blockchain.info\/charts\/. As of November 13, 2017.<\/p>\n<p>[vii] Kelly, Jemima. \u201cBitcoin &#8216;Miners&#8217; Face Fight for Survival as New Supply Halves.\u201d Reuters, Thompson Reuters, 8 July 2016, www.reuters.com\/article\/us-markets-bitcoin-mining\/bitcoin-miners-face-fight-for-survival-as-new-supply-halves-idUSKCN0ZO2CW.<\/p>\n<p>[viii] Malmo, Christopher. \u201cOne Bitcoin Transaction Now Uses as Much Energy as Your House in a Week.\u201d Motherboard.com, Vice, 1 Nov. 2017, motherboard.vice.com\/en_us\/article\/ywbbpm\/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change.<\/p>\n<p>[ix] \u201cBlockchain Pools.\u201d Blockchain.Info, 13 Nov. 2017, blockchain.info\/pools\/. As of November 13, 2017.<\/p>\n<p>[x] de Vries, Alex. \u201cA Deep Dive in a Real-World Bitcoin Mine.\u201d Digiconomist.net, Digiconomist, 25 Oct. 2017, digiconomist.net\/deep-dive-real-world-bitcoin-mine.<\/p>\n<p>[xi] de Vries, Alex. \u201cA Deep Dive in a Real-World Bitcoin Mine.\u201d Digiconomist.net, Digiconomist, 25 Oct. 2017, digiconomist.net\/deep-dive-real-world-bitcoin-mine.<\/p>\n<p>[xii] Buck, Jon. \u201cChina May Cut Off Cheap Power to Bitcoin Miners.\u201d Cointelegraph.com, 14 Nov. 2017, cointelegraph.com\/news\/breaking-china-may-cut-off-cheap-power-to-bitcoin-miners.<\/p>\n<p>[xiii] de Vries, Alex. \u201cBitcoin Energy Consumption Index.\u201d Digiconomist.com, Digiconomist, 13 Nov. 2017, digiconomist.net\/bitcoin-energy-consumption.<\/p>\n<p>[xiv] Chapman, Christopher. \u201cGlobal Credit Strategy View: Crypto&#8217;s Power Play.\u201d ThompsonOne.com, Citigroup, 7 Nov. 2017.<\/p>\n<p>[xv] Chapman, Christopher. \u201cGlobal Credit Strategy View: Crypto&#8217;s Power Play.\u201d ThompsonOne.com, Citigroup, 7 Nov. 2017.<\/p>\n<p>[xvi] Khazraee, Moein. \u201cSpecializing A Planet&#8217;s Computation: ASIC Clouds.\u201d IEEE Computer Society, May 2017, cseweb.ucsd.edu\/~mbtaylor\/papers\/micro_asic_cloud.pdf.<\/p>\n<p>[xvii] \u201cBitcoin Mining Hardware Guide.\u201d Bitcoinmining.com, www.bitcoinmining.com\/bitcoin-mining-hardware\/.<\/p>\n<p>[xviii] Moore, Samuel K. \u201cBitcoin\u2019s Biggest Tech Player to Release AI Chips and Computers.\u201d IEEE Spectrum, 6 Nov. 2017, spectrum.ieee.org\/tech-talk\/computing\/hardware\/bitcoins-biggest-tech-player-to-release-ai-chips-and-computers.<\/p>\n<p>[xix] Global Artificial Intelligence Chips Market 2017-2021: Top Drivers and Forecasts by Technavio.\u201d Technavio, Business Wire, 17 July 2017, www.businesswire.com\/news\/home\/20170717005538\/en\/Global-Artificial-Intelligence-Chips-Market-2017-2021-Top<\/p>\n<p>[xx] Popper, Nathanial. \u201cInto the Bitcoin Mines.\u201d DealBook, The New York Times, 21 Dec. 2013, dealbook.nytimes.com\/2013\/12\/21\/into-the-bitcoin-mines\/.<\/p>\n<p>[xxi] Peck, Morgan E. \u201cWhy the Biggest Bitcoin Mines Are in China.\u201d IEEE Spectrum, 4 Oct. 2017, spectrum.ieee.org\/computing\/networks\/why-the-biggest-bitcoin-mines-are-in-china.<\/p>\n<p>[xxii] de Vries, Alex. \u201cA Deep Dive in a Real-World Bitcoin Mine.\u201d Digiconomist.net, Digiconomist, 25 Oct. 2017, digiconomist.net\/deep-dive-real-world-bitcoin-mine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and cryptocurrencies have become one of the hottest industries in the global markets today, but do the little-known underlying environmental costs of producing them challenge the existence of the industry?<\/p>\n","protected":false},"author":10021,"featured_media":26975,"comment_status":"open","ping_status":"closed","template":"","categories":[2569,130,98],"class_list":["post-26974","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry","category-bitcoin","category-energy-efficiency","category-environment","hck-taxonomy-organization-bitmain","hck-taxonomy-industry-technology","hck-taxonomy-country-china"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/rc-tom-challenge-2017\/","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability - Technology and Operations Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability - Technology and Operations Management\" \/>\n<meta property=\"og:description\" content=\"Bitcoin and cryptocurrencies have become one of the hottest industries in the global markets today, but do the little-known underlying environmental costs of producing them challenge the existence of the industry?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/\" \/>\n<meta property=\"og:site_name\" content=\"Technology and Operations Management\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/bitcoin-stock-photo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"323\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/\",\"url\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/\",\"name\":\"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability - Technology and Operations Management\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2017\\\/11\\\/bitcoin-stock-photo.jpg\",\"datePublished\":\"2017-11-16T04:27:13+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/#primaryimage\",\"url\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2017\\\/11\\\/bitcoin-stock-photo.jpg\",\"contentUrl\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2017\\\/11\\\/bitcoin-stock-photo.jpg\",\"width\":500,\"height\":323},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Submissions\",\"item\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/#website\",\"url\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/\",\"name\":\"Technology and Operations Management\",\"description\":\"MBA Student Perspectives\",\"potentialAction\":[{\"@type\":\"性视界Action\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability - Technology and Operations Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability - Technology and Operations Management","og_description":"Bitcoin and cryptocurrencies have become one of the hottest industries in the global markets today, but do the little-known underlying environmental costs of producing them challenge the existence of the industry?","og_url":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/","og_site_name":"Technology and Operations Management","og_image":[{"width":500,"height":323,"url":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/bitcoin-stock-photo.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/","url":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/","name":"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability - Technology and Operations Management","isPartOf":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/#website"},"primaryImageOfPage":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/#primaryimage"},"image":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/#primaryimage"},"thumbnailUrl":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/bitcoin-stock-photo.jpg","datePublished":"2017-11-16T04:27:13+00:00","breadcrumb":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/#primaryimage","url":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/bitcoin-stock-photo.jpg","contentUrl":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2017\/11\/bitcoin-stock-photo.jpg","width":500,"height":323},{"@type":"BreadcrumbList","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/bitcoin-mining-and-the-war-between-digitalization-environmentalism-and-profitability\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/d3.harvard.edu\/platform-rctom\/"},{"@type":"ListItem","position":2,"name":"Submissions","item":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/"},{"@type":"ListItem","position":3,"name":"Bitcoin Mining and the War Between Digitalization, Environmentalism and Profitability"}]},{"@type":"WebSite","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/#website","url":"https:\/\/d3.harvard.edu\/platform-rctom\/","name":"Technology and Operations Management","description":"MBA Student Perspectives","potentialAction":[{"@type":"性视界Action","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/d3.harvard.edu\/platform-rctom\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/hck-submission\/26974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/hck-submission"}],"about":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/types\/hck-submission"}],"author":[{"embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/users\/10021"}],"replies":[{"embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/comments?post=26974"}],"version-history":[{"count":0,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/hck-submission\/26974\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/media\/26975"}],"wp:attachment":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/media?parent=26974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/categories?post=26974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}