Bitcoin Forum

Obviously big oil mining and bitcoin mining are different, but they both seek the same end...to extract value and revenue out of something that already exists, it just needs to be captured.

If big oil companies decided to devote all resources to Bitcoin mining, do you think we could reduce the acceleration of fossil fuel production and increase the bitcoin supply and distribution/adoption?

I've been watching a climate change documentary called Do the Math (http://act.350.org/signup/math-movie/?) and it has me depressed and frustrated. Our civilization will fall because of our individual greed. Could there be anything more simple and yet so tragic?

Well i believe if every oil company and major companies dedicate their time and money to bitcoins mining, the 5 million bitcoins left will all be mined in about 10 years or less, i dont have any calculations to prove my theory just a thought am having.

Well, even if this is something that would be amazing to see it wouldn't work number 1 as Big Oil wouldn't delve into something as profitability and unpredictable as Bitcoin, it simply wouldn't be worth it for them to lose out on all of the influence and such that comes with Oil to come to a controversial area of a currency like Bitcoin.

ANYWAY, lets do say that Big Oil did some here and setup BILLIONS in miners. That's lead to the centralization issue of mining that all of us thought and think is going to lead to the death of Bitcoin, because they're going to try to pull every single last OUNCE of profits out of Bitcoin and then they'll simply just leave it once they're done with that.

So, it wouldn't happen and it'd lead to a horrid centralization issue.

So you watched some documentary, fell depressed and all of sudden oil is bad?

What kind of material is the computer/phone you are typing with made of?

If there is plastic somewhere down the road, than guess what? It was made thanks to oil extraction. Plastics are by product of oil refining.

Do you like your food? Fine, its affordable for 7 billion people, because agriculture was mechanized long time ago. Also thanks to oil.

I could go on for entire day, but perhaps it would be better for you, if you watched different sort of documentary. Some, that would mention, there is seven billion people and they need food.

Also oil companies extract oil and bitcoin, because it is profitable, it serves purpose, that cant be done otherwise, their product will always be in demand.

The answer is simple. If they devoted all resources to Bitcoin mining the prices of oil would go up very fast. Bitcoin prices would go down because of the increased supply and people would put everything into that growing oil bubble, until some company would decide to break the pattern and go back to oil, because it would be then more profitable than Bitcoin. The scales would tip, people would panic and sell their oil and things would go back to normal.