So, yes, the headline is accurate. We all know that cryptocurrency mining has now reached an all time high, which has affected availability and pricing of most graphics cards from both AMD and NVIDIA. Who doesn't want to make a quick buck here and there? So long as it's profitable, right?

Well, that kind of thinking has already brought the global mining power consumption to unprecedented levels (some might also say demented.) The two top cryptocurrencies right now (by market-cap), Bitcoin and Ethereum, are each responsible for 14.54 TWh and 4.69 TWh power consumption figures. As of now, Ethereum consumes almost as much power as the 120th most power-consuming country, Moldova, which has a population of around 3 million. Bitcoin, on the other hand, stands at 81st on the list, in-between Mozambique and Turkmenistan, the latter of which has a population estimated at 5.17 million people. Combined, Ethereum and Bitcoin consume more power than Syria, which had an estimated 2014 population above 17 million.Ethereum mining consumes more than 8x the power it takes to run the entire VISA network, while Bitcoin consumes almost 27x as much (this shows how much more efficient centralized systems are. This is the cost of transparency and doing away with the trusted third party.) Cryptocurrencies and the blockchain technology in general have come to stay, and they will change the world (I am a staunch believer in that myself.) However, this goes to show that the current Proof of Work (PoW) design is unfeasible in the long-run - especially if blockchain technology does want to achieve a global scale. Proof of Stake anyone?