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I wonder if some bitcoin whales are fronts for oil companies that are buying up bitcoin as a way of increasing demand for electricity and thus maintain demand f
by okareaman 6y ago
I wonder if some bitcoin whales are fronts for oil companies that are buying up bitcoin as a way of increasing demand for electricity and thus maintain demand for fossil fuel power generation. Renewable energy is getting cheaper over time, which would tend to drive out fossil fuel electrical generation, so if demand is dramatically increased due to crypto currency mining then demand for fossil fuel plants to stay operating will be maintained.
- wishysgb 6y agointeresting theory but sounds more like a conspiracy theory.
- okareaman 6y agoYes, a theory. Maybe I'll get an idea about how to find evidence and test it.
- cowpig 6y agoMy first reaction to this was "most crypto mining is done on hydro power because it's cheaper," but then I remembered that demand for power is currently outpacing the growing supply of renewable energy, so many this theory isn't all that crazy. In any case, given that I have yet to see a single non-criminal, non-speculation use for crypto at any real scale, I find ideas that would normally sound a lot like conspiracy theories much more plausible.
- csomar 6y agoYou'll need oil companies and OPAC countries to plan such a thing. A single (or few) players don't have the financial means for such a conspiracy.
- imtringued 6y agoThey might be hyping it up, but I doubt that they are the driving force.