I’ve heard Andreas present these arguments many times. I’ve also heard many others claim the exact opposite (the latter way more often, tbh). So far, I’ve still been unable to make up my mind.
I've talked a LOT about energy consumption and #bitcoin over the years. Here's a video from 2017 where I explain why the "bitcoin energy consumption will ruin our planet" argument is a red herring: youtube.com/2T0OUIW89II
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His reasoning in the video is:
1. The cheapest electricity is the one created by renewable energy that’s produced in excess of demand (because you can’t turn it off). If you can use that to mine Bitcoin, you end up supporting green energy.
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Only 29% of Bitcoin mining is powered by renewables.
Blandin, Apolline, et al. "3rd Global Cryptoasset Benchmarking Study." (2020).
jbs.cam.ac.uk/wp-content/upl…
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Thanks. The study actually says 39%, 29% with an alternate method, which is still not nearly enough to support the argument.
Jan 19, 2021 · 12:52 PM UTC