Bitcoin and Potosí Silver: Historical Perspectives on Cryptocurrency

Bitcoin, often hailed as a revolutionary digital currency, shares deep historical roots with traditional metalist currency regimes, particularly those tied to colonial silver mining. A study comparing Bitcoin's architecture to the global currency system established by the New World silver peso—centered around the Cerro Rico de Potosí in colonial South America—reveals striking parallels in resource extraction, labor exploitation, and ecological impact. The research introduces the concept of 'cryptoforming,' suggesting that Bitcoin's digital mining process mirrors the terraforming effects of historical metal mining, reshaping both economies and environments on a massive scale. By interrogating these connections, the study provides a critical lens to understand Bitcoin's implications for resources, labor, energy, and ecology.

Zimmer, Z. (2017). Bitcoin and Potosí Silver: Historical Perspectives on Cryptocurrency. Technology and Culture, 58(2), 307–334. https://doi.org/10.1353/tech.2017.0038