Bitcoin is A GREEN COIN
I used to believe that Mining BTC is irresponsible due to energy consumption of mining. Then I watched this video by Andreas Antonopolous, authority on all things Bitcoin. I did further research, and more research, and looked deeply in the value side of Bitcoin: for the future, for humanity.
You can turn your concern and question around:
Why would we spent so much energy on making the Bitcoin network secure, when it would have no value on the short, medium and long run?
Also keep in mind that energy is a free market, miners are free to risk their investment. You can not prohibit people do drive a Hummer using the argument that it uses so much fuel.
But let’s dive into some real arguments here that mining Bitcoin is sustainable in fact, yes, it is maybe even saving our planet from further economic decline, with all the costs (of energy) that this will bring.
First some facts
- Mining in China is mainly in the province of Sichuan where energy comes over 60% from water pressure (Hydropower)
- In General, mining Bitcoin is borderless, as the coin itself, so miners are economically drawn to ‘cheap’ energy. That is why you find many miners in Iceland, using natural cooling resources, even in Switzerland miners use cold mountain water combined with wind. So, miners tend to use up sustainable energy, which is driving up the supply of green energy. Sources indicate that more than 77,6% of the worlds Bitcoin Mining is powered by renewable energy.
- Mining causes actually new sustainable energy fields to occur on places where wind and solar were not yet transformed into energy, thus becoming a huge incentive for green energy production.
- Another very important possible achievement of the Bitcoin network: The new digital store of value. To become a digital store of Value, mining actually needs to have a cost, like the mining of gold in the old days. The backing up of money by gold has been gradually abandoned in 1933 by the US and has become totally unrelated in 1971. This is one of the main reasons thank banks can now print money out of nothing, thus having created the present day Debt culture. After the 2008 crisis, an estimated 170 trillion US Dollars have been created out of thin air. The result is cycles of economic crisis, hyperinflation in many countries and an overall strategy to delete cash from our ordinary lives. A new store of value for Digital money is a prime condition for a stable new digital decentralized economy where middlemen like banks will gradually fall away.
So now lets move on to what Bitcoin and crypto is actually doing. It is slowly, but surely, cutting out inefficient, money sucking middlemen. The parasite of a corrupt economic system that is in fact the main threat of our amazing planet. You correctly state in the beginning of your article that:
“Cryptocurrencies decentralize that process and move away from the central big-bank players by making it public”. Now, we can take that a step further. Did you ever wonder how much energy will be saved by cutting away these middlemen? Just one example: The commission asked by banks, credit card companies etc to validate out transactions, make out 3% of our WORLD ECOMOMY. So, please feel into the implications when technology, the Blockchain, will save us that amazing amount of capital? and thus energy!
- It is only more than fair to also look at the value side of mining and crypto and mostly Bitcoin. SO investigate what it can bring humanity. WHat is this revolution of money bringing us at the end of the day? Because this is something for the long run, the proof is not quite there yet, and I understand people can get worried or even pessimistic about mining. But again, I conclude by saying that nobody can predict the real value of Bitcoin for our society, economy and Earth. But its constitution laid down in the genesis block is one of doing good for this planet and bringing humanity a window of opportunity for change on the layer of our deeper design of current economic and power systems that no longer seem to make us thrive, and have become a downright danger for our planet. So who is sustainable in the long run will be proven by the open market we live in. Miners are free people, electricity is a commodity. The market is regulating itself. System change is on is the way. I dare to believe that the energy savings, the increase of efficiency, the overall benefits, the dawn of this new system outnumbers BY FAR the cost for energy we have do make right now.
- When you need FACT CHECKED information about the sustainability of Bitcoin Mining, please check out the information presented by Robert Sharratt: https://medium.com/coinmonks/the-reports-of-bitcoin-environmental-damage-are-garbage-5a93d32c2d7
I use his very valuable research in my video and in the above writing.
- Watch my video about Why Bitcoin mining IS sustainable
When you likes this article, check out my crypto starters guide here:
Bitcoin, blockchain and Crypto for starters