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Jack Dorsey claims Bitcoin incentivizes renewable energy

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Re: Jack Dorsey claims Bitcoin incentivizes renewable energy

#12

Post by weare138 »

andrew_v4 wrote: post #6
tcbawo wrote: post #3

We will never have an energy surplus, because cheap enough energy will be used for cryptocurrency mining. It's like when we thought that the industrial revolution/productivity boom would lead to a four hour work week.

That's not unique to cryptocurrency mining, there are other things that are rate limited by energy costs as well.

But instead of meeting the demand for those other things, things we need like electric vehicles, we're just going to end up wasting it on cryptocurrency mining and end up right back at square one. I just don't see how Bitcoin is sustainable in it's current form.

Re: Jack Dorsey claims Bitcoin incentivizes renewable energy

#13

Post by yumraj »

coolspot wrote: post #7

+ “Bitcoin is good for environment” + YouTube CEO awards herself a Freedom award It all makes sense now - it is an opposite year from Sponge Bob

There needs to be a term for this, perhaps Marie Antoinette syndrome, unfortunately there is already another Marie Antoinette syndrome[0]

[0] https://en.wikipedia.org/wiki/Marie_Antoinette_syndrome

Re: Jack Dorsey claims Bitcoin incentivizes renewable energy

#16

Post by defterGoose »

greenearth1 wrote: post #11

I agree with Dorsey on this. It reminds me of what Andreessen said, “The best thing for the environment is economic growth.”

I think the oft-misattributed Einstein quote applies here. "The definition of madness is doing the same thing over and over and expecting a different result."

Re: Jack Dorsey claims Bitcoin incentivizes renewable energy

#19

Post by smt88 »

petertodd wrote: post #10
smt88 wrote: post #4

Earlier quoted context omitted.

It's worse than that. Because BTC can be transferred globally, it actually increases demand for the cheapest energy regardless of location . One could easily imagine it becoming a way for Chinese or Korean coal mines to grow and remain profitable. Aluminum aka "solid electricity" somewhat fills this role as well, but aluminum certainly doesn't travel as quickly as a coin.

You realize that's already happening on a much bigger scale. Most of our solar panels - whose manufacturing process is extremely energy intensive - come from China, a country with about 70% of its electricity coming from coal. And of course, the inputs to that manufacturing process are themselves mainly made in China, again with cheap highly polluting coal power.

Yes, I realize it's already happening and mentioned aluminum as another example. I don't know how that changes my point, which is that BTC mining is another incentive for the same problem.
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