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Bitcoin Energy Consumption Myths Debunked – Michael Saylor & Max Keiser

Bitcoin Energy Consumption Myths Debunked – Michael Saylor & Max Keiser



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  1. [**Proof-of-work is efficient**](https://www.danheld.com/blog/2019/1/5/pow-is-efficent) and PoW is secure when used in conjunction with bitcoin. The proof-of-work consensus algorithm and bitcoin’s massive hashrate is why bitcoin is the most secure cryptocurrency that currently exists. The only way for it to be competitively profitable for anyone to mine bitcoin with dirty energy is if the dirty energy is being subsidized by the government, and that’s not a bitcoin problem.

    [**Large scale bitcoin mining is actually driving clean energy innovation.**](https://www.nasdaq.com/articles/how-large-scale-bitcoin-mining-is-driving-clean-energy-innovation-2021-01-06) The price of dirty energy just can’t compete with the price of clean renewable energy like [**hydroelectric power which Chinese bitcoin miners can get for as low as 1 cent per kilowatt hour**](https://news.bitcoin.com/1-cent-per-kilowatt-hour-chinas-sichuan-province-encourages-hydro-powered-bitcoin-mining). Unless the dirty energy is being subsidized by the government, and that’s not a bitcoin problem.

    In 2019, [**the bitcoin network was getting 74.1% of its electricity from renewables**](https://www.vox.com/2019/6/18/18642645/bitcoin-energy-price-renewable-china), making it “more renewables-driven than almost every other large-scale industry in the world.”

    [**Here’s a full report on bitcoin mining that was done in 2019**](https://coinshares.com/research/bitcoin-mining-network-december-2019), a year before mining started in Mongolia in 2020.

    There was a Cambridge study done on bitcoin mining in 2020 but 2020 is exactly when bitcoin miners set up mining farms in the Mongolian region of China and started using electricity generated from coal. But that only lasted less than a year because the [**Chinese government already banned bitcoin mining in the Mongolian region of China.**](https://www.coindesk.com/inner-mongolia-to-shut-down-crypto-mining-industry-report)

    Hydroelectric dams even create a large excess of electricity that otherwise goes to waste and [**that waste is now used to mine bitcoin.**](https://www.coindesk.com/chinese-city-known-for-bitcoin-mining-seeks-blockchain-firms-to-burn-excess-hydropower)

    Bitcoin is also [**mined with energy created from gasses that are otherwise flared off or vented directly into the earth’s atmosphere.**](https://oilmanmagazine.com/how-and-why-natural-gas-flaring-is-being-used-to-mine-bitcoin/)

    Here’s another article about [**bitcoin mining using the electricity that would’ve been wasted.**](https://news.bitcoin.com/how-big-hydro-power-partners-with-bitcoin-miners-to-prevent-energy-waste/)

    We see the value of a scarce tokenized derivative of inflation and corruption that’s kept honest and secure by it’s own decentralized ledger of value that can’t be forged or hacked. Bitcoin allows people to safely store monetary value outside of the reach of anyone else. And it allows people to send online payments directly to another party without requiring trust or permission of anyone else. If you properly handle your private keys then your bitcoin can’t be stolen or seized and nobody can stop you from sending it to anyone else. Bitcoin’s issuance schedule and maximum supply are both clearly defined and will never change. Bitcoin is decentralized and the fully validating nodes are in control. Bitcoin miners are currently creating over $50,000,000 worth of the hardest money that’s ever existed every 24 hours while ensuring that bitcoin remains the most secure cryptocurrency in existence. And the average bitcoin transaction value is already currently at $290,172. Down from $516,536 which was the average bitcoin transaction value 3 weeks ago. [**Click here to see a the average bitcoin transaction value over time for yourself.**](https://bitinfocharts.com/comparison/transactionvalue-btc.html#1y)

  2. Looking for Cryptocurriencies that use <1% of BTC’s energy/transaction? How about going GREEN COMPLETELY!

    $POWR pumped >50% when Elon Musk mentioned that they are looking for greener projects.

    Power Ledger is the operating system for new energy markets enabling tracking and trading of energy, flexibility services and environmental commodities.

    https://www.powerledger.io/

    In 2018, Power Ledger was named winner in Sir Richard Branson’s Extreme Tech Challenge on Necker Island.

    https://medium.com/power-ledger/power-ledger-named-winner-in-extreme-tech-challenge-on-necker-island-423bcaa5e082

    Here’s an article from Forbes featuring Power Ledger as well.
    https://www.forbes.com/sites/jamesellsmoor/2019/04/27/meet-5-companies-spearheading-blockchain-for-renewable-energy/

    Here’s a YouTube video that explains what Power Ledger does and featuring Dr Jemma Green.
    https://youtu.be/pcDV08dBpcA

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