The Truth About Bitcoin's Green New Deal.

Anatoly

Member
Bitcoin advocates claim that mining could help the environment by forcing the efficient allocation of resources. Does that argument hold up?

In brief

Bitcoin advocates have argued that mining could preserve surplus energy by turning it into an alternative store of value.

Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.

In practice, however, the priorities of Bitcoin miners and renewable energy developers are not aligned.

https://decrypt.co/40099/the-truth-about-bitcoins-green-new-deal
 

Gustavo

Member
That aside, I do not know the reason why people should be concerned about bitcoin consuming high amount of energy. What if the electricity generated is not used by people, that means the electricity production could collapse, they did not think about that. Normally, in countries where mining are legalized, money are collected for electricity usage which are used to pay people working in electricity (power) companies.

Bitcoin is valuable, the mining is used to generate digital valuable products which can be used for goods and services, which means the mining is not a waste of electricity. And if we look at the hydropower plants and solar plants, they are renewable power generation. Many countries really depend on hydropower plants in which the energy is renewable.

These is just a false claim. Mining has even really helped the power industry by indirectly generating more renewable power, and employing more workers. The problem is left to the countries to try to use the renewable resource to generate most of their electricity (power).
 

Ayaan

New member
Bitcoin advocates claim that mining could help the environment by forcing the efficient allocation of resources. Does that argument hold up?

In brief

Bitcoin advocates have argued that mining could preserve surplus energy by turning it into an alternative store of value.

Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.

In practice, however, the priorities of Bitcoin miners and renewable energy developers are not aligned.

https://decrypt.co/40099/the-truth-about-bitcoins-green-new-deal
The priority of bitcoin miners are not using the renewable energy to convert to a store of value. The priority is to make money and there's nothing wrong with it! So the argument doesn't make sense! Also the acquisition doesn't make sense as well which says bitcoin mining is taking up a lot of energy. If we compare it with the minting process worldwide, it's minuscule!

Arguments and counter arguments will be ongoing but if someone is so concerned about the unused renewable energy, there are places on earth where electricity is a luxury. It's better to use there to stop the misuse!
 

Mauricio

Member
Bitcoin advocates have argued that mining could preserve surplus energy by turning it into an alternative store of value.
This is stupid, you preserve energy by building something like this. Bitcoin mining spends energy, you can't turn a block back into electric power.
Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.
This can be used to make these types of power more economically viable, but from a point of view of energy efficiency, this isn't a real solution, compared to actually saving energy.
 

Kellan

Member
The green course may be temporary, so don't expect anything improbable. Always expect the worst outcome.
 

Niko

Member
Why are eyes always look on the consumption of energy from the bitcoin miners? Are they the only one that's using that much energy? and why is it that it looks like a hot issue if bitcoin miners are consuming that much energy?
I don't understand these people as bitcoin miners are paying for what they are consuming and at the same time, helping to maintain bitcoin's network and confirm transactions. There are other certain industries that are also consuming too much energy.
 

Braden

Member
Their priorities are different. They are not aligned of course. How could Bitcoin mining's goal be the same with the renewable energy developers' goal?

But they could meet somewhere. Bitcoin mining is actually shifting gradually to the use of renewable energy. Bitcoin mining does not mind the kind of energy it uses because it has a different goal but it seems the industry is also becoming aware of how the consumption of energy may deteriorate the world faster.

This is where they could be in line with the advocacy for renewable energy. But it is too much to claim that Bitcoin mining is helping the environment. Their mining operations are contributing to global warming.
 
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