{"title":"Competing imaginaries: Crypto-utopianism and the material forces of Bitcoin mining","authors":"ADAM HAYES","doi":"10.1111/1467-8322.12825","DOIUrl":null,"url":null,"abstract":"<div>\n <p>Drawing on Marx's theory of history, this article argues that the competition and capital accumulation inherent in the production of Bitcoin (i.e. ‘mining’) are at odds with the narrative discourses that position Bitcoin as a revolutionary technology capable of subverting traditional power structures. Through an analysis of the evolution of Bitcoin mining, the article demonstrates how the material conditions of its production have shifted over time, leading to the concentration of mining power among a few large corporate entities and a concomitant erosion of the decentralized ethos that underpinned the early Bitcoin community. The article also argues that this shift is not simply a result of the ‘natural’ evolution of the technology, but also the outcome of specific social and economic forces that encourage the accumulation of capital over Bitcoin's democratic and decentralized potentialities. Overall, the article suggests that the narrative discourses surrounding Bitcoin need to be understood in relation to the material forces that shape its production and circulation, and that a more nuanced analysis of the interplay between material and discursive factors is necessary to fully grasp the dynamics of the cryptocurrency ecosystem.</p>\n </div>","PeriodicalId":46293,"journal":{"name":"Anthropology Today","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8322.12825","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Anthropology Today","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1467-8322.12825","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ANTHROPOLOGY","Score":null,"Total":0}
引用次数: 1
Abstract
Drawing on Marx's theory of history, this article argues that the competition and capital accumulation inherent in the production of Bitcoin (i.e. ‘mining’) are at odds with the narrative discourses that position Bitcoin as a revolutionary technology capable of subverting traditional power structures. Through an analysis of the evolution of Bitcoin mining, the article demonstrates how the material conditions of its production have shifted over time, leading to the concentration of mining power among a few large corporate entities and a concomitant erosion of the decentralized ethos that underpinned the early Bitcoin community. The article also argues that this shift is not simply a result of the ‘natural’ evolution of the technology, but also the outcome of specific social and economic forces that encourage the accumulation of capital over Bitcoin's democratic and decentralized potentialities. Overall, the article suggests that the narrative discourses surrounding Bitcoin need to be understood in relation to the material forces that shape its production and circulation, and that a more nuanced analysis of the interplay between material and discursive factors is necessary to fully grasp the dynamics of the cryptocurrency ecosystem.
期刊介绍:
Anthropology Today is a bimonthly publication which aims to provide a forum for the application of anthropological analysis to public and topical issues, while reflecting the breadth of interests within the discipline of anthropology. It is also committed to promoting debate at the interface between anthropology and areas of applied knowledge such as education, medicine, development etc. as well as that between anthropology and other academic disciplines. Anthropology Today encourages submissions on a wide range of topics, consistent with these aims. Anthropology Today is an international journal both in the scope of issues it covers and in the sources it draws from.