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Genuine questions about your thoughts on the energy use by Bitcoin

[Bitcoin consumes more energy than Argentina.](https://www.google.com/amp/s/www.bbc.com/news/amp/technology-56012952) This is a problem because energy is our main concern with and opportunity for GHG reductions. What I frequently see as responses here are

-“You already heat your house, drive a car… …the current financial system uses X energy… gold mining…” so on and so forth

+My thought on this is that heating has been a basic necessity for millenia, gold has been mined since the advent of complex trading and digital financial systems have been around basically since the introduction of electricity, however Bitcoin is novel and new. It doesn’t make sense to me that we would be introducing a new technology that consumes heaps of energy that solves puzzles to do nothing (except mine, but the value of Bitcoin as with any currency need not, and in most cases do not depend on the amount of work/resources used to put it in circulation).

Global warming is the largest threat to humanity. People will literally start dying of heat in the shade by droves. Quite possibly there will be a biodiversity loss eclipsing any other that planet Earth has seen. Why don’t we plan our future technologies on GHG reduction?

-Renewable energy

+The thing is energy will never incur 0 cost. Solar panels need toxic chemicals and rare earth metals to produce them, similar case with wind turbines, hydropower consumes land and emits methane. You get the point. At least in the foreseeable future, energy will always harm the environment in some manner. Would it not make sense to focus on reducing usage while also pushing for renewables?



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  1. [**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) Humans are using far too much dirty energy and people really need to address that issue and work on fixing it. Bitcoin has nothing to do with the world’s dirty energy problem, and [“**bitcoin mining is more renewables-driven than almost every other large-scale industry in the world.**”](https://www.vox.com/2019/6/18/18642645/bitcoin-energy-price-renewable-china)

    [Here’s a full report on bitcoin mining that was done in 2019](https://coinshares.com/research/bitcoin-mining-network-december-2019), one year before mining started in Mongolia in 2020 which was banned this year. It shows that 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). That number will increase with time.

    There was a Cambridge study done on bitcoin mining in 2020 but 2020 is exactly when bitcoin miners set up shop 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 has now banned bitcoin mining in that region of China and they also banned mining bitcoin with dirty energy](https://www.coindesk.com/inner-mongolia-to-shut-down-crypto-mining-industry-report) and now bitcoin can be mined with mainly clean renewable energy once again like it previously was.

    Bitcoin miners have are able to get [clean renewable hydroelectric power 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)

    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/)

    The fact is, [proof of work is efficient.](https://www.danheld.com/blog/2019/1/5/pow-is-efficent) PoW is also secure when used in conjunction with bitcoin. This is why bitcoin is the most secure cryptocurrency that currently exists. This is why Tesla is comfortable storing billions of dollars worth of wealth in bitcoin.

    Gold is currently the #1 largest asset on earth by market cap because it’s used by humans as a store of value and it has been for centuries. Bitcoin is a better store of value than gold and it’s much easier send, protect, and hide and it’s also more scarce than gold. Gold mining and transporting gold are both far worse for the environment than mining bitcoin and transporting bitcoin. Gold mining emits more than three times the co2 emissions than bitcoin mining. Bitcoin is more scarce than gold and bitcoin can also be used for payments and as currency and the lightning network allows an unlimited amount of people to send and receive bitcoin instantly for extremely low fees, and it can handle hundreds of millions of transactions per second. [Click here to see a list of the top 100 assets by market cap.](https://8marketcap.com/) Gold is #1 with a market cap of $11 trillion and bitcoin is #8 with a market cap of $1 trillion. Almost all of that value sitting in gold being inefficiently stored and guarded in vaults can more easily and efficiently be stored on the bitcoin blockchain and more people will continue to realize this as bitcoin continues to remain at the second stage of the evolution of money which is a store of value.

    [**Watch this video to see bad mining gold is for the environment and you will be shocked.**](https://www.youtube.com/watch?v=hzrJ9I3AJAQ)

    Gold mining consumes multiple times more energy than bitcoin and is also quite toxic because of the chemicals needed to process the metal, let alone the costs of transportation and security. The gold miners dump toxic chemicals into the river where people bath. Bitcoin mining on the other hand is the greenest energy consumption sector with over 75% renewables. This is possible because the energy production has no geographic limitations so you could produce energy to mine crypto basically everywhere thanks to satellite internet connections. It would actually be great for the planet if we moved from gold to bitcoin as our main store of value.

    This isn’t the second millennium anymore and we have better technology now. Gold is just too inefficient and bad for the environment for people to be using as a store of value anymore and if we stopped doing that then the price would come down to it’s true value and it would be extremely cheap for the minuscule amount that we do use in electronics, thus lowering the price of electronics. Gold is shiny and makes pretty jewelry and also makes great corrosion resistant semiconductors. It’s difficult and expensive to transport and it requires equipment to reliably test it’s authenticity. It’s also difficult and expensive to adequately guard and protect. All of the value of gold could sit on the blockchain instead of sitting in a vault being guarded and it also wouldn’t need to be transported in a jet in order to transfer it to someone.

    Bitcoin’s blockchain is layer 1 and is used for large payments/settlements/transactions. Bitcoin will not sacrifice the security of it’s blockchain for any reason. The lightning network is one of bitcoin’s layer 2 solutions and it’s used for smaller instant payments/transactions. People are transferring $500M+ worth of bitcoin, often over a $billion worth of bitcoin, [in every single block](https://blockchair.com/bitcoin/blocks), all day, every day. The lightning network can handle an unlimited amount of users and hundreds of millions of transactions per second which is magnitudes more transactions than visa/mastercard can handle.

    Bitcoin is currently in the second stage of the evolution of money, which is a store of value. [Click here](https://www.reddit.com/r/Bitcoin/comments/ma1y9b/40_yr_old_new_to_crypto/grra6s5/) to see all four stages. Bitcoin is going through price discovery, and every asset is volatile during price discovery. Bitcoin will remain volatile until it’s true value is found, which I expect to be at 7 digits of US dollars. Over 99.9999% of people don’t understand bitcoin and most people don’t even really understand money. As time goes on, more smart people learn about and begin to understand bitcoin. More people will continue to adopt bitcoin because it’s a superior store of value.

  2. You’ve been misled.

    Bitcoin is a solution, not a problem.

    Bitcoin only uses one twentieth of one percent of all energy produced by man.

    Most of the energy used by Bitcoin is from renewable, clean sources (hydro, wind, etc.) Bitcoin promotes the transition to clean energy sources. Bitcoin helps clean up the planet.

    **IF** you’re concerned about the environment, that’s good, but you are wasting your time if you bicker about Bitcoin.

  3. Btc gonna last 10 15 years just bc of its current dominance and profitablility to be mined but yes. It is a slow expensive store of value that everyone sees as the second coming. When its only intended use is to be a store of value.

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