Tech Giants Jack Dorsey and Elon Musk Say Bitcoin Incentivizes Renewable Energy

[TheCryptocurrencyPortal]

Tech Giants Jack Dorsey and Elon Musk Say Bitcoin Incentivizes Renewable Energy https://www.youtube.com/watch?v=6vMQm_1oDnQ

This was counter-intuitive compared to the narrative out there, so I thought it was interesting.

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[20kevin20]

The narrative pushed by the MSM is definitely wrong. We have so many other things that are actually affecting the world's climate and health that Bitcoin mining is only a very insignificant fracture of it. Moreover, I think sustaining a censorship-free currency is more important than other things currently prioritized such as.. looking for new ways of destroying ourselves (new weapons/bombs/etc)?

It is what it is tho, and people will know the truth but I guess they're mostly gonna be late at the party. Bitcoin has a whopping % of the mining power generated through renewable energy, which is actually great. Probably way better than having billions of cars using electricity.

[odolvlobo]

If you don't want to sit through the video and listen to all of the commentary, you can read the article here: https://dailyhodl.com/2021/04/23/tech-giants-jack-dorsey-and-elon-musk-say-bitcoin-incentivizes-renewable-energy/

[Welsh]

We have so many other things that are actually affecting the world's climate and health that Bitcoin mining is only a very insignificant fracture of it.

Yeah, I'm also pretty sure the way electric cars are charged is through burning fossil fuels mostly. That's how the electric grid is powered anyhow. Only a small portion of it is using renewable energy. As for Bitcoin, and the huge debate over whether its using too much. Well, the title of this thread is correct. Those mining will be looking to reduce costs as much as possible, and for large scale operations then renewable energy through hydroplants, and solar panels are probably going to be the future of mining. Although, Bitcoin definitely does incentivizes renewable energy, the amount that doesn't is still pretty insignificant when you consider multiple other industries. It is true, relatively speaking mining is quite expensive. In terms of the amount of power that is required. When you add it up, it is pretty significant. However, its much more dramatized that the actual figures suggest.

[dothebeats]

Mining operators would seek for renewable energy for better rates on powet, but not the world. I think only a handful of countries rely on renewables (like Iceland), and for the rest it's coal all the way. There aren't any incentives for non-miners to use renewable energy except for the fact that it can save the futiure generations of their family from the threat of climate change and global warning. If it doesn't incentivize them today and doesn't help in practicality, why bother? That's what most mindsets are on right now.

[Obito]

Yeah, I'm also pretty sure the way electric cars are charged is through burning fossil fuels mostly. That's how the electric grid is powered anyhow. Only a small portion of it is using renewable energy. As for Bitcoin, and the huge debate over whether its using too much. Well, the title of this thread is correct. Those mining will be looking to reduce costs as much as possible, and for large scale operations then renewable energy through hydroplants, and solar panels are probably going to be the future of mining. Although, Bitcoin definitely does incentivizes renewable energy, the amount that doesn't is still pretty insignificant when you consider multiple other industries. It is true, relatively speaking mining is quite expensive. In terms of the amount of power that is required. When you add it up, it is pretty significant. However, its much more dramatized that the actual figures suggest.

Pretty hypocritical that they charge electric cars with petrol or fossil fuels but they don't really have a choice because the energy source which should be the one that is changing is still using fossil fuels and they are incentivized to use it by the fossil fuel companies so the move to renewable energy as a main power source is difficult. Not to mention that the other alternative which is nuclear power plant didn't have an innovation for the last decades and they are being dismantled because they are deemed dangerous. Renewable energy is the future of power generation but if we don't start getting serious about implementing it, climate calamities might happen first and we can't do it anymore. Bitcoin is just cup of water in a vast ocean of energy.consumption and that cup is the safe one to drink.

[cabron]

Its what Elon had been trying to influence by using EV. Government should incentivize using electric vehicles but it doesn't work in the US so he is now into incentivizing miners using renewable energy. He just can't give that up, after all, his business depends on it as well.

If it helps the earth why not but its not just BTC mining that should have been noticed when it comes to conserving energy, there are lots more factories using fossil oil. If their dedication and lobbying will win some politicians, it could end up that government will tax more on companies that will not use solar or wind energy.

[Darker45]

What I notice about this issue is that the accusers are obviously plain Bitcoin haters. They seem to be stubborn in their claims to the point of playing deaf to the responses, however valid, of those on the side of Bitcoin.

On the other hand, it seems to me that the hardline Bitcoin fans are also trying to get Bitcoin absolutely absolved of any contribution to global warming, carbon emission, energy wasting, and the like. Both parties are seemingly on the extreme opposite positions, losing objectivity in the process.

It is probably true that Bitcoin is using renewable energy. But it is equally true that Bitcoin is a contributor to global warming just like the rest of human activities. There's no point trying to escape from this reality. I think Saylor is kind of exaggerating when he says "Bitcoin miners go to the end of the earth, to the end of the grid" in order to do their thing. I don't think Bitcoin miners are energy scavengers, operating on energy that would otherwise be wasted.

[ranochigo]

The conditions for it to be conducive for Bitcoin mining is not only the electrical prices but also the general environment as well; labour costs, cost to ship the ASICs, etc. As such, it doesn't mean that Bitcoin miners necessarily flock to places where electricity rates are low due to it being produced in excess. Most places do not produce sufficient energy for the entire region and requires a few fossil fuel plants to supplement them. While Bitcoin mining can help subsidize the development of renewable energy, I'd say that Bitcoin miners still consume electricity that could've otherwise been used to supplement another region.

[pooya87]

It is true, relatively speaking mining is quite expensive. In terms of the amount of power that is required. When you add it up, it is pretty significant. However, its much more dramatized that the actual figures suggest.

Keep in mind that the amount of energy consumed is not important on its own. That amount should be put into perspective by comparing it to what bitcoin does. Bitcoin is not a payment system for a handful of people in one small city, it is a payment system for the whole world and it is working globally to currently server at least a couple of million people daily. According to bitinfocharts.com $1.2 million is sent using bitcoin every hour ($30 billion daily).

[Wind_FURY]

I believe Elon Musk has something planned. Musk Solar Energy Mining Company?

Miners don’t care where, and how the elecricity is generated as long as it cheap, stable, and assured for the future of the mining operation. Is wind/solar actually cheaper than fossil fuels and hydro? It might depend on the region. In China it’s fossil fuels.

[buwaytress]

We have so many other things that are actually affecting the world's climate and health that Bitcoin mining is only a very insignificant fracture of it.

Yeah, I'm also pretty sure the way electric cars are charged is through burning fossil fuels mostly. That's how the electric grid is powered anyhow. Only a small portion of it is using renewable energy. As for Bitcoin, and the huge debate over whether its using too much. Well, the title of this thread is correct. Those mining will be looking to reduce costs as much as possible, and for large scale operations then renewable energy through hydroplants, and solar panels are probably going to be the future of mining. Although, Bitcoin definitely does incentivizes renewable energy, the amount that doesn't is still pretty insignificant when you consider multiple other industries. It is true, relatively speaking mining is quite expensive. In terms of the amount of power that is required. When you add it up, it is pretty significant. However, its much more dramatized that the actual figures suggest.

Thought I would point this out but guess it's not such a hidden possible avenue of inquiry after all. A lot of new studies showing that powering electric and other types of renewables aren't as clean as thought of. Not to mention the growing pile of spent solar panels in places I used to work... They basically lose effectiveness after five years or so especially on older tech panels. With no thought as to how to dispose of them properly.

Not that I'm anti renewable. It is the future, we just can't rush into it. But sectors like Bitcoin mining will certainly push efforts to understand renewables and make them more responsible. All good.

[dkbit98]

Jack Dorsey and Elon Musk Say may be more realistic when we talk about Bitcoin using renewable energy, but you won't see this anywhere on CNN and mainstream media
that have clear climate change propaganda and they are the one spreading fake news about Bitcoin mining.
I wonder how much energy is spent for all kind of stupid things around the world yet nobody talks about this and they are selling most headlines with Bitcoin bad news.
Trezor wallet blog also released decent article written by Josef Tětek Why Bitcoin’s energy use won’t destroy the planet, and everyone should spend few minutes to read it:
https://blog.trezor.io/why-bitcoins-energy-use-won-t-destroy-the-planet-b10cd8b0a1fd

Fillippone recently wrote a good topic about this Debunking the "Bitcoin is an environmental disaster" argument.

[hatshepsut93]

Is there any research to back these claims? I have never seen any papers that actually dive into depth and explore how much energy is clean vs how much comes from fossil fuels. These arguments that Bitcoin is killing the environment vs Bitcoin is saving the environment are just word against word. Except the fact that Bitcoin's use of ~0.1% of world's electricity means you can't really pin the global warming on it.