TD₿: Bitcoin as Battery by Nick Grossman
TL;DR Given its unique properties, Bitcoin has the ability to assist renewable energy builds.
Hey Bitcoiners,
After watching some of the panels from the mining stage at Bitcoin 2022, I’m amazed at how fast that sector is innovating and maturing.
A few years ago people didn’t really discuss Bitcoin mining as we do now. It was sort of in the background as people focused more on the macro landscape or scaling solutions.
Fast forward to today, and Bitcoin mining, along with its energy usage, finds itself at the center of politics, finance, and environmentalism.
At first glance, an uneducated critic would say, “Bitcoin wastes energy.” But this conclusion overlooks all the benefits sound money would bring to our world.
It also fails to consider how Bitcoin can help drive the transition to renewable energy resources given its unique properties of A.) always being on and permissionless and B.) miners always seeking low-cost electricity.
Nick Grossman wrote this short blog post that compares Bitcoin mining to aluminum smelting and touches on how it can benefit the energy industry (05/20/2021).
Bitcoin will be a key technology in the revolution of the energy industry over the coming decades.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Bitcoin is the transportation component of the next industrial revolution.” - Level 39, Contributor at Bitcoin Magazine
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(h/t @level39)