Image by Hal Gatewood
There has been a lot of talk recently about bitcoin and energy usage.
The ESG narrative and how crypto mining is so bad for the environment. We even have the energy policy makers in the EU looking to ban POW crypto mining (let’s leave their last success stories out of this conversation for now … LOL).
What are the odds they are accumulating BTC themselves?
As a reminder let’s see how much energy BTC mining is used globally. Here is a link to an article that covers the results from The Bitcoin Mining Council (BMC) Q3 2021 study.
It’s easy to get caught up in the 2 liners, on Facebook, Instagram and Twitter, on why mining is supposedly so bad for the environment, but here is a lengthy conversations about the intricacies of energy and the role bitcoin is currently playing in actually solving some of our global energy problems.
Bitcoin Energy Markets with Shaun Connell
In summary, according to the Bitcoin Mining Council (BMC), Bitcoin mining used 0.38% of the worldwide 50,000TW/h energy that is wasted due to inefficiencies. The Bitcoin and crypto mining industry is actually trying to solve problems and are in fact part of the solution. Many of us started in this space to fix a financial problem (gains being a small component of this), we have staying for far greater causes (the brains are here).
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