In Today’s Post, we are going to talk about the recent delisting of Bitcoin from Tesla’s website. Elon claims that the delisting is due to too much carbon emitted from Bitcoin but this is a misnomer. We are going to debunk this ridiculous narrative.
Also, interesting to note that no one brought up this ridiculous narrative when Bitcoin was worth a lot less than it is today. How many different attacks has Bitcoin withstood and grown to become a Trillion dollar asset? Many. This one is no different.
On the face of it, the question about energy use is a fair one. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. This certainly sounds like a lot of energy. But how much energy should a monetary system consume?
If you are one of the tens of millions of individuals worldwide using it as a tool to escape monetary repression, inflation, or capital controls, you most likely think that the energy is extremely well spent. Whether you feel Bitcoin has a valid claim on society’s resources boils down to how much value you think Bitcoin creates for society.
Just to keep the Pentagon’s gadgets running for a day, it costs $250M in gasoline. 1 day. Taxpayer money. Those are the guns behind the dollar. Which has essentially no value unless people believe it does. Hm. I wonder who is pushing this narrative about energy consumption.. Bitcoin uses literally less than 1% of the world’s electricity, most of which, is renewable, or, would have been wasted if not used. Yet, the government wants to increase their spending practices that damage the environment more than any other project in the world (alongside China). Bitcoin does not even use gasoline.. they conflate energy with electricity, and those are two different things.
Bitcoin mining operations are typically located in remote areas that have an abundance of cheap energy, typically hydro, but are too remote for that electricity to be transmitted to distant cities. In other words, the electricity would be wasted otherwise which is why it’s so cheap. This is typical in remote regions of Canada, for example, where a hydro plant may have been developed to provide power for a remote community and its local industry such as an aluminum smelter or saw mill but produces power far in excess of what the grid it feeds can consume.
So, Bitcoin is actually recycling energy that would otherwise be completely wasted.
Due to supply demand market forces, over time all bitcoin mining operations will naturally gravitate towards such power sources. As the capacity in these cheap and abundant clean energy regions continues to grow, the less cost effective mining operations will become elsewhere.
The hypocrisy is also palpable in the sense that half of the stuff we all own is made in China and that manufacturing is usually located near cities where the power is more likely to be coal generated, and for every unit of energy consumed by Bitcoin mining in China about 100,000 units of energy are used by traditional manufacturing, yet I don't see anybody lobbying their government for a carbon tariff on Chinese imports. Rather curious that dirty Chinese power only becomes an issue in the context of Bitcoin mining.
It should also be noted that precious metals mining, something bitcoin is also replacing, consumes far far more energy than bitcoin mining, and it's rarely clean energy.
Blockchain technologies are trying to replace centralized finance which is a massively inefficient industry that dwarfs crypto in terms of energy consumption and that energy is far less likely to be clean. This is energy being consumed in areas where electricity is high demand, like cities. Just like Elon’s factories.
By the way, the people claiming to actually care about the environment are the ones who perpetuate the destructive practices in place today. It would make little sense to take them for their word.
Ask yourself who has the most to lose from blockchain decentralized finance replacing our current archaic centralized finance system? Then ask yourself who is paying for this smear campaign against bitcoin? Blockchain DeFi is a major threat to Wall Street and the global financial elites. Hmm…
Remember the 1% we're all supposed to be trying to overthrow? Well, they are constantly looking for ways to take down bitcoin and this is their latest attempt. Turn it into an environmental issue. Get environmentalists and SJWs to take down bitcoin on their behalf. Oh the irony. The energy consumption anti-bitcoin narrative is full of misinformation and spin. If you have been manipulated into pushing this narrative on behalf of the global financial elite, you are helping them and hurting those trying to overthrow them. The financial elite also realize that using Elon to bolster this narrative is the best way to gain traction as people blindly follow his tweets as if they are any indication of market success.
Bitcoin does not use nuclear, coal, or natural gas to mine. Yet, the people behind this narrative blanket “energy” as if Bitcoin is really the reason for these archaic practices that destroy the environment at an astronomical pace compared to using less than 1% of the global supply of electricity.
Just to power Christmas lights every year usually costs more energy than small nations run in a whole year. Are we going to attack Christmas lights? Is Elon going to stop flying private jets to combat “carbon issue?” This entire thing is nothing short of propaganda and they want you to sell your Bitcoin.
70% of Bitcoin’s energy consumption is also renewable… Yet, Elon comes out and says that Bitcoin is bad because it consumes electricity (less than 1% of the global supply) while he runs giga factories that power cars that use … electricity. Do you see the logic?
Ask yourself: what do they have to gain by pushing this ridiculous narrative? The picture will begin to unfold before you.
Until Next Time Guys, Think Free & Stack Sats!
GRACE & PEACE