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If one converts unused 15MW hydroelectric power in Canada to bitcoin, and sends the bitcoin elsewhere, say Japan, couldn't one then buy ~ 15MW of energy? I thin
by jkepler 5y ago
If one converts unused 15MW hydroelectric power in Canada to bitcoin, and sends the bitcoin elsewhere, say Japan, couldn't one then buy ~ 15MW of energy? I think that's the sense people mean when they say its a store of energy.
However, I'm not sure that's any different than saying that money (in general, not just bitcoin) is a store of energy. The difference here may be that the remote hydroelectric in Canada may not have had market demand for 15MW extra, thus it would have been wasted had it not been converted into bitcoin; that's something not all traditional moneys can do.
- UncleMeat 5y agoBuying 15MW of energy does not undo the cost to the planet if that energy is produced with carbon. The entire planet needs to drop to near zero total emissions. Something resembling carbon arbitrage does not push towards this goal. Firing up the geothermal generator in Iceland to mine BTC just produces BTC. And more BTC is not a resource that changes the productive behavior of the planet.
- kragen 5y agoJust to avoid misunderstandings, I don't think anyone in this conversation said bitcoin was a store of energy. UncleMeat and I certainly didn't.