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Bitcoin mining is good for the environment https://pomp.substack.com/p/bitcoin-mining-is-good-for-the-environment https://pomp.substack.com/p/bitcoin-mining-is-

Bitcoin mining is good for the environment https://pomp.substack.com/p/bitcoin-mining-is-good-for-the-environment https://pomp.substack.com/p/bitcoin-mining-is-good-for-the-e...

elaus 6y ago
I can't really follow the logic in this article – maybe I don't get it? The article states that Bitcoin uses a lot of energy and as miners want to maximize profit, they want cheap energy. This is good for renewables as that is cheaper than other forms of energy generation. Doesn't everyone want cheap energy, like factories or heavy industry? Are Bitcoin miners really more eager to push for clean energy than other industries? The whole arguments sounds like "we need to use up more energy so there's more incentive to produce additional, clean energy".
- Nursie 6y ago
  That’s exactly what it is - any energy demand, under this worldview, is good because it means more demand for clean energy. In a world that’s already struggling with this, it makes no sense at all.
- hinkley 6y ago
  > Doesn't everyone want cheap energy, like factories or heavy industry? Are Bitcoin miners really more eager to push for clean energy than other industries? Yes. Given enough time, Bitcoin will gentrify the power grid.
eganist 6y ago
The post is making the free-market argument: > In reality, this couldn’t be further from the truth. Bitcoin is actually one of the greatest financial incentives to transition the world to clean energy. without bothering to explain why any one point they highlight would beget any one outcome claimed by the post. In fact, there are some backwards incentives that are missed. An example would be their claim with regards to Great American Mining: rather than using mining as an incentive to pay for capturing lost methane, what's to stop producers from diverting existing gas production towards mining right now, putting demand pressure on existing supplies and driving up gas production (and leaks, etc.) rather than just capturing and processing leaked gas? There's nothing. There's no incentive for existing gas facilities to fix their leaks when they can just pipe their existing output into bitcoin, drive up demand for gas, and therefore justify more drilling (and more inevitable leaks that they won't have any incentive to fix). > Bitcoin isn’t bad for the environment. In fact, Bitcoin is very, very good for the environment. The University of Cambridge reported at over 75% of miners use renewable energy and now there are solutions to turn methane emissions into mining as well. This doesn't mean anything. Or worse, it means 25% of a phantom industry makes use of dirty power, So whatever Bitcoin imposes on the world in power usage (130 Terawatt-hours of energy - https://techcrunch.com/2021/03/21/the-debate-about-cryptocurrency-and-energy-consumption/ https://techcrunch.com/2021/03/21/the-debate-about-cryptocur...), 25% of that, or about 0.15% of global power production, leverages dirty fuels. If all mining ceased tomorrow, we'd benefit substantially from dirty power usage coming down and more clean energy supply being directed back into productive work. Thanks for hearing my rant.
- darkerside 6y ago
  I'm sure many of those 75% would be using renewable energy for something more productive
- noxer 6y ago
  Kinda funny as we know the free-market eventually will switch to a non-PoW solution. There is no way around it.
- doomroot 6y ago
  > what's to stop producers from diverting existing gas production towards mining right now. Because it makes 0 financial sense to do so. The market demand for gas waaaayy out competes bitcoins demand for gas.
- Proven 6y ago
  > rather than using mining as an incentive to pay for capturing lost methane Because that's a useless activity and no one wants to pay for it. FartCoin wouldn't last a day. > If all mining ceased tomorrow, we'd benefit substantially from dirty power usage coming down and more clean energy supply being directed back into productive work. I doubt that. Why would dirty producers cut their output? Those arguments in favor of Bitcoin are nonsensical but your counterarguments aren't that great.
bttrfl 6y ago
"Bitcoin isn’t bad for the environment. In fact, Bitcoin is very, very good for the environment." wish I could downvote.
- tacocataco 6y ago
  I wish no one could downvote.
wrnr 6y ago
Having an open mind but is good but make sure your brain doesn't fall out of its skull. Just because a mining operation produces methane gas and it is better to burn this gas at the site and turn it into carbon dioxide because it is the lesser of green house gasses shouldn't mean you can sell this as a carbon offset since there is still a net contribution.
tedunangst 6y ago
I was told the existing financial system uses more power than Bitcoin, so doesn't that make it even better for the environment because they want even more clean power than Bitcoin?

Bitcoin mining is good for the environment https://pomp.substack.com/p/bitcoin-mining-is-good-for-the-environment https://pomp.substack.com/p/bitcoin-mining-is-good-for-the-e...

elaus 6y ago

I can't really follow the logic in this article – maybe I don't get it? The article states that Bitcoin uses a lot of energy and as miners want to maximize profit, they want cheap energy. This is good for renewables as that is cheaper than other forms of energy generation. Doesn't everyone want cheap energy, like factories or heavy industry? Are Bitcoin miners really more eager to push for clean energy than other industries? The whole arguments sounds like "we need to use up more energy so there's more incentive to produce additional, clean energy".

Nursie 6y ago
That’s exactly what it is - any energy demand, under this worldview, is good because it means more demand for clean energy. In a world that’s already struggling with this, it makes no sense at all.
hinkley 6y ago
> Doesn't everyone want cheap energy, like factories or heavy industry? Are Bitcoin miners really more eager to push for clean energy than other industries? Yes. Given enough time, Bitcoin will gentrify the power grid.

eganist 6y ago

The post is making the free-market argument: > In reality, this couldn’t be further from the truth. Bitcoin is actually one of the greatest financial incentives to transition the world to clean energy. without bothering to explain why any one point they highlight would beget any one outcome claimed by the post. In fact, there are some backwards incentives that are missed. An example would be their claim with regards to Great American Mining: rather than using mining as an incentive to pay for capturing lost methane, what's to stop producers from diverting existing gas production towards mining right now, putting demand pressure on existing supplies and driving up gas production (and leaks, etc.) rather than just capturing and processing leaked gas? There's nothing. There's no incentive for existing gas facilities to fix their leaks when they can just pipe their existing output into bitcoin, drive up demand for gas, and therefore justify more drilling (and more inevitable leaks that they won't have any incentive to fix). > Bitcoin isn’t bad for the environment. In fact, Bitcoin is very, very good for the environment. The University of Cambridge reported at over 75% of miners use renewable energy and now there are solutions to turn methane emissions into mining as well. This doesn't mean anything. Or worse, it means 25% of a phantom industry makes use of dirty power, So whatever Bitcoin imposes on the world in power usage (130 Terawatt-hours of energy - https://techcrunch.com/2021/03/21/the-debate-about-cryptocurrency-and-energy-consumption/ https://techcrunch.com/2021/03/21/the-debate-about-cryptocur...), 25% of that, or about 0.15% of global power production, leverages dirty fuels. If all mining ceased tomorrow, we'd benefit substantially from dirty power usage coming down and more clean energy supply being directed back into productive work. Thanks for hearing my rant.

darkerside 6y ago
I'm sure many of those 75% would be using renewable energy for something more productive
noxer 6y ago
Kinda funny as we know the free-market eventually will switch to a non-PoW solution. There is no way around it.
doomroot 6y ago
> what's to stop producers from diverting existing gas production towards mining right now. Because it makes 0 financial sense to do so. The market demand for gas waaaayy out competes bitcoins demand for gas.
Proven 6y ago
> rather than using mining as an incentive to pay for capturing lost methane Because that's a useless activity and no one wants to pay for it. FartCoin wouldn't last a day. > If all mining ceased tomorrow, we'd benefit substantially from dirty power usage coming down and more clean energy supply being directed back into productive work. I doubt that. Why would dirty producers cut their output? Those arguments in favor of Bitcoin are nonsensical but your counterarguments aren't that great.

bttrfl 6y ago

"Bitcoin isn’t bad for the environment. In fact, Bitcoin is very, very good for the environment." wish I could downvote.

tacocataco 6y ago
I wish no one could downvote.

wrnr 6y ago

Having an open mind but is good but make sure your brain doesn't fall out of its skull. Just because a mining operation produces methane gas and it is better to burn this gas at the site and turn it into carbon dioxide because it is the lesser of green house gasses shouldn't mean you can sell this as a carbon offset since there is still a net contribution.

tedunangst 6y ago

I was told the existing financial system uses more power than Bitcoin, so doesn't that make it even better for the environment because they want even more clean power than Bitcoin?