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I have to start out by saying there are a lot of creative people looking to make money, and am humbled reading the paper. Its definitely a little on the optimi
by RedBeetDeadpool 5y ago
I have to start out by saying there are a lot of creative people looking to make money, and am humbled reading the paper. Its definitely a little on the optimistic side, but its an interesting idea.
> Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load, provide payout in a globally liquid cryptocurrency, and are completely location agnostic, requiring only an internet connection. These combined qualities constitute an extraordinary asset, an energy buyer of last resort that can be turned on or off at a moment’s notice anywhere in the world.
So for anyone else reading, the premise is to capitalize during times when there is excess energy being generated. So instead of trying to figure out how to store that excess, you can expend it mining bitcoins.
It does make investing in green energy more attractive, since you don't end up throwing away excess energy, which makes the claim "Key to and Abundant, Clean Energy Future" somewhat defensible. But investors will have to consider other things like cost of energy storage and cost of maintaining a competitive mining rig, and who knows, the reality might be that burning up the excess for bitcoin is still not a good trade.
I also don't see increased attractiveness of green energy to investors, mining efficiency, and pollution output of the bitcoin network having strong correlations with each other. Maybe it might help increase the percentage of green energy in the energy sector, which in turn reduces the amount of brown energy being expended mining bitcoin, but, that would be more of a second order effect, and we can only make postulations at that point.
- reginold 5y agoAppreciate your perspective from reading the paper. Agreed this seems hard to pin down. For those like me not familiar with the term "brown energy": "energy produced from polluting sources as a contrast to green energy from renewable, non-polluting source"