TD₿: Is ESG An Attack On Bitcoin? with Marty Bent, Troy Cross, Jaime Leverton, and Greg Beard
TL;DR Bitcoin miners do not need to justify their energy usage through ESG framing.
Hey Bitcoiners,
I sense a shift happening with the ESG narrative that has taken over boardrooms across America for nearly a decade now.
Last week, the Texas Comptroller, Glenn Hegar, created a list of financial firms that the state is considering banning from doing business with the state of Texas due to them being “energy-industry boycotters.”
“The environmental, social and corporate governance (ESG) movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy,” - Glenn Hegar, Texas Comptroller
Investors and companies are starting to wake up to the fact that divesting from reliable energy resources and sacrificing energy independence in order to meet some arbitrary environmental standards made up by BlackRock might not be in their best interest.
Look no further than what is happening with European energy prices today for a prime example of the negative consequences of ESG investing.👇
Experimenting with new ways to harness energy more efficiently is paramount to driving humanity forward. But divesting out of the only reliable and cheap energy resource we currently have without having functional solutions already in place is the definition of lunacy.
Marty Bent was on a mining panel at Bitcoin 2022, explaining why it is important for Bitcoiners not to fall into the trap of using ESG framing when it comes to Bitcoin mining. (04/14/2022).
ESG is an example of the folly of attempting to influence investment and force social and political agendas in a top-down manner instead of allowing the free market to find solutions. As a result, we now have a massive capital misallocation and a less reliable global energy market.
Bitcoin mining represents the opposite. It is a free market solution that can help improve the reliability of our grid systems and drive innovation in the energy industry.
The ESG vs. BTC battle is just getting started, but these developments that are beginning to expose ESG for the fraud it is are encouraging to see.
Tick tock next block,
Cory Klippsten
PS - Please consider donating what you can to hodlonaut’s legal defense fund to assist in his fight against Faketoshi.
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“Bitcoin is ESG. ESG is not.” - Mickey Koss, Bitcoiner
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