Another Bitcoin's energy consumption FUD? Here is why we should not care
Hello HODLers,
Guess who is back? Our old FUD friend.
This is probably the most famous FUD we haver had, you guessd it: the one about Bitcoin's energy consumption!
4 months ago I had made and published a video on this specific subject, not much has changed since then I guess.
Debunking Bitcoin Energy Consumption FUD!
What is this Bitcoin's energy FUD cycle about?
According to Bloomberg:
The Bitcoin network was estimated to consume about 67TWh of electricity in 2020, and its total consumption has already surpassed this in 2021
Estimates for the 2021 Bitcoin's energy consumption are around 91TWh which is equivalent to the Pakistan's energy.
Interesting graph as we can clearly see the end of 2020 and 2021 Bull run followed by the Chinese miners exodus. These mining capabilities came back online during the past 2 months.
Since then, mining firms have moved to Kazakhstan and neighbouring countries as well as to US and Europe.
But we mostly use renewable energy, right?
Well... I thought more than 50% was from renewables but the latest datas from the following report: 3rd Global Cryptoasset Bechmarking Study, University of Cambridge estimates that only 39% of the energy used to mine Bitcoin is clean.
Battle around the figures
The truth is: It does not matter if it is 40% or 56%, as explained in my video.
We need to look at the big pictures, yes it is energy consuming BUT what does it bring ?
- Financial Freedom for a large part of the world's population
- Potentially replacing part of the existing Banking and gold systems (especially concerning remittances, etc...) which consume A LOT of energy
- Freedom to hedge against extreme monetary policies and hyperinflation
- First non-government issued currency
- Will push the switch to renewable energies as Bitcoin need constant electricity and can be close to production centers instead of city centers
I do not think that arguing around the % of renewables that would be "okay" is the good strategy. In the end, we will go towards a higher and higher percentage as it will be more profitable for farms to be closer to renewable energy sources.
Sources
Bitcoin’s 2021 Energy Use Has Already Surpassed 2020, Bloomberg
Bitcoin Energy Consumption This Year Already More Than All of 2020
Latest Analysis
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Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
https://twitter.com/VinnieLemon/status/1437789257599537168
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All this shit about Bitcoin consuming large amounts of energy is a bunch of crap. Who cares? Most of it is renewable energy and the rest isn't. You can't have financial freedom without burning a little energy.
We need to make the part of renewable energy go to 75-80% and then nobody will care about Bitcoin consuming energy. At the moment it is between 39% and 56% so we have some work to do ! :D
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This FUD is so unnecessary, we have industries that consume more than that but the world is silent about it
Indeed, but let's be honest, Bitcoin is consuming a sh**t load of energy which is securing the entire system but still quite impressive hehe
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That's true. The establishment will use what they can to spread FUD constantly and the energy BS argument is one of their few weapons left.
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I think this is a great way to sum it up. It's in the miners' interest to have cheap and reliable energy
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Yes, they keep talking about all this energy “wasted” but never about what it is used for. The safest monetary system and safest value transfer technology.
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I like what you've done with this post, I'm going to feature it on my little segment I do called Leo All Stars!
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Thank you for the nice article. I appreciate it 😉.
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I think it's a losing argument for those using this as FUD because we are naturally moving towards renewables. In a decade or two, I wouldn't be surprised if we got rid of gas/coal/oil if renewable energy is cheaper compared to the alternative.
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