Energy FUD!!!

[Smack That Ace]

Whether it's accurate or not.

Let's all just accept that these people that are against bitcoin will always find a way to spread FUD about bitcoin. Remember that when it was always Tweeted by Elon about the "green mining" about bitcoin.

They always describe bitcoin as the bad actor but neglecting the other industries that are causing more harm to its surroundings than of those mining farms and solo miners of bitcoin.

And even when the majority of the mining farms are using green and renewable energy, they'll always have the same words to say about it being bad and likely consuming all the energy in the world.

Cryptocurrency couldn't please everyone and that includes the government. People will always provide FUD just to ruin the reputation of Bitcoin so spread fear, guilt, and even hatred. I don't think this information is reliable but still, we have to accept the fact that information will be biased especially when it comes to Bitcoin energy consumption. We can't expect good news or positive information regarding it.

Once we don't like something, we will always find excuses to blame and try to convince others that we are telling the truth that it is not as good as they think and it is not right for them. But we don't know that it won't work for you, it will work for others, everyone's needs are different. This is part of human nature.

Bitcoin too, those who don't like it will always slander it, consider it dangerous but for those who understand it, it is extremely precious.
So we don't need to be interested too much about Fuds like this, it won't help us at all, let's just ignore everything and keep working on our goal.

[Lucius]

As told by Lucius, the energy attacks on bitcoin, and Proof-of-Work in general, have a bright future. Governments have kicked the hornet's nest, and the sociopolitical consequences from ECG are heading towards us. I expect tremendous numbers of environmental propaganda, many of which will have to do with bitcoin mining. Some have already begun: https://nitter.net/DWhitmanBTC/status/1567915248149209089

Some have even introduced penalty mechanisms. Which country will be the bitcoin mining paradise?

And the strangest thing in this whole story is that the loudest opponents of Bitcoin mining are from the continent where it is least represented, which is Europe. If by any chance the situation were like in the US, I have a feeling that Bitcoin miners would be bigger enemies in the EU than Putler's Russia.

A few years ago, a journalist or scientist published a tweet in which she suggested that everyone who mines or owns Bitcoin should pay some kind of special tax, and unfortunately there have been a lot of such experts over the years.

I just hope that Bitcoin mining paradise will not become a country like Russia, because they have a surplus of energy that they could use in that way. Considering the negative reputation they currently have, this would not be good for Bitcoin, so I hope that their policy will still remain without interest in Bitcoin.

[Bitstar_coin]

And the strangest thing in this whole story is that the loudest opponents of Bitcoin mining are from the continent where it is least represented, which is Europe. If by any chance the situation were like in the US, I have a feeling that Bitcoin miners would be bigger enemies in the EU than Putler's Russia.

A few years ago, a journalist or scientist published a tweet in which she suggested that everyone who mines or owns Bitcoin should pay some kind of special tax, and unfortunately there have been a lot of such experts over the years.

I just hope that Bitcoin mining paradise will not become a country like Russia, because they have a surplus of energy that they could use in that way. Considering the negative reputation they currently have, this would not be good for Bitcoin, so I hope that their policy will still remain without interest in Bitcoin.

You are absolutely right, Europe seems to be the loudest when it comes to btc mining criticism even when little or no mining at all is being carried out in that country.
Looking at the chart below containing btc mining from 2019 to 2022 data, Europe is not even among the countries with the highest number of miners so I sincerely don't see how the issue of btc mining will affect their economy or environment for that matter if less mining activities are happening in that area.

[Silberman]

I can't seem to understand why btc is tagged as the bad guy supposedly consuming all the energy the planet has to offer while about 50,000 TWh is being wasted
According to the below infographic, the number of energy that is wasted globally is much higher than what all miners can ever consume, although am not very sure of the data accuracy but I want to believe it is close to accurate, btc mining can not be the monster of energy consumption the media and most especially government are presenting it to be.



What do you think?

You just said it yourself this is FUD and nothing more, the data doesn't back up the opinion of politicians and other powerful individuals, but that doesn't matter because they do not care about the truth, what they care is about creating an image that mining bitcoin is somehow destroying the planet and wasting resources, they want to make people believe that the current system is way more efficient and as such if they want to keep the planet safe then they should select the currencies printed by governments.

[Johnyz]

Certainly, what is consumed by factories and homes is much more than what is consumed by miners, there are quantities of electrical energy wasted on unnecessary things such as unused lighting in homes and cooling and heating air conditioners, for example, is very large, in addition to factories that draw large quantities Too much electricity and polluting the environment too, all these things are never talked about while Bitcoin is primarily blamed, this is nonsense.

Their main purpose is to ruin the reputation of Bitcoin and this is not about energy, this is about the threat of Bitcoin that can bring to other businesses and that’s why they continue to spread FUD until it reaches the government. Well, energy consumption running a building are way more expensive but as long as they are paying for it, the government will not make any actions on that. With the upcoming update on ETH, I think they tend to address the energy consumption when mining, and if they succeeded on this other project can also have that kind of update and maybe, energy consumption will not be an issue anymore in the future.

[darkangel11]

I'd ask these people why do they want to stop bitcoin mining so much instead of adding more nuclear power plants to produce cheap energy if they feel like they don't have enough of it. Ukraine will have a surplus now. They have a lot of nuclear power and their towns got decimated so the demand is low. Maybe after they finally get rid of this Russian infestation they will invite some bitcoin miners? That would be a great idea to get some capital flowing their way, to become another bitcoin friendly country.

[Ultegra134]

I can't fathom why Bitcoin keeps getting targeted for all kinds of reasons, from it being a bubble to consuming too much energy. This is clearly not the first time Bitcoin mining operations have been targeted for their energy efficiency. The image posted by the OP is true. Bitcoin operations only account for less than 1% of the total electricity consumed. Some will claim that 1% is too much, but I beg to differ for something that is practically generating wealth. In my opinion, we're bound to see more enemies of mining operations in the upcoming months due to the energy crisis.

On top of that, Bitcoin mining is mostly operated in Asian countries; there are hardly any operations in Europe, which is facing the largest threat from the energy crisis, but still, it's constantly being targeted for consuming excessive energy.

[Baofeng]

I'd ask these people why do they want to stop bitcoin mining so much instead of adding more nuclear power plants to produce cheap energy if they feel like they don't have enough of it. Ukraine will have a surplus now. They have a lot of nuclear power and their towns got decimated so the demand is low. Maybe after they finally get rid of this Russian infestation they will invite some bitcoin miners? That would be a great idea to get some capital flowing their way, to become another bitcoin friendly country.

Its' becoming a billion dollar business now, so those who are late wanted to bring it down.  But maybe we can rub this in to those who attack bitcoin mining,

Crypto mining firm CleanSpark announced an agreement on Friday to acquire Mawson's Bitcoin mining facility in Sandersville, Georgia for $33 million. The deal is anticipated to increase CleanSpark's hash rate by 1.4 exahashes per second (EH/s) in the next few months, and to 7.0 EH/s by the end of next year.

As part of the agreement, 6,468 last-generation mining ASICs will be purchased for $9.5 million, or $17 per terahash. "These machines, already operating at the acquired site, will add over 558 petahashes per second (PH/s) of computing power immediately upon closing," the company explains.

https://cointelegraph.com/news/cleanspark-acquires-mining-facility-in-georgia-for-33-million

So when they thought that they can stop it, more and more companies or those who have invested on it early is still continuing to do so this day. Despite the attack and FUD and the current market sentiments.

[Gyfts]

The energy debate has been ongoing for some time, it's only as of late that the misinformation campaign has been ramped up because of the European energy crisis.

Global energy demands increase, therefore it is incumbent upon the climate change/green energy activists to pick the lowest hanging fruit to attack.

Let's be frank with ourselves, the energy consumption of Bitcoin mining is high, that's why many miners can not keep up with the competition and the cost of effectively running Bitcoin mining is very huge. As we all know high power consumption is equal to high Energy emissions which can lead to environmental hazards.
This isn't to say that Bitcoin mining is the chief cause of all global environmental, climate issues. But still I think it can be tackled.

It's a nonissue. The energy consumption is high, relative to what? Compared to global energy consumption, not even a drop in the ocean.

[Xampeuu]

I can't fathom why Bitcoin keeps getting targeted for all kinds of reasons, from it being a bubble to consuming too much energy. This is clearly not the first time Bitcoin mining operations have been targeted for their energy efficiency. The image posted by the OP is true. Bitcoin operations only account for less than 1% of the total electricity consumed. Some will claim that 1% is too much, but I beg to differ for something that is practically generating wealth. In my opinion, we're bound to see more enemies of mining operations in the upcoming months due to the energy crisis.

On top of that, Bitcoin mining is mostly operated in Asian countries; there are hardly any operations in Europe, which is facing the largest threat from the energy crisis, but still, it's constantly being targeted for consuming excessive energy.

this is seen because there is no legality from the government. when the legalization occurs, the government will look for alternative solutions to overcome the energy crisis. on the other hand because of the war and only a few European countries that have the natural resources needed, then defeating bitcoin seems to be an easier way to go, this is different from Asian countries which have many abundant natural resources. especially for now European countries are experiencing an energy crisis and high inflation, so mining bitcoins may not be profitable

[Kemarit]

I can't fathom why Bitcoin keeps getting targeted for all kinds of reasons, from it being a bubble to consuming too much energy. This is clearly not the first time Bitcoin mining operations have been targeted for their energy efficiency. The image posted by the OP is true. Bitcoin operations only account for less than 1% of the total electricity consumed. Some will claim that 1% is too much, but I beg to differ for something that is practically generating wealth. In my opinion, we're bound to see more enemies of mining operations in the upcoming months due to the energy crisis.

On top of that, Bitcoin mining is mostly operated in Asian countries; there are hardly any operations in Europe, which is facing the largest threat from the energy crisis, but still, it's constantly being targeted for consuming excessive energy.

this is seen because there is no legality from the government. when the legalization occurs, the government will look for alternative solutions to overcome the energy crisis. on the other hand because of the war and only a few European countries that have the natural resources needed, then defeating bitcoin seems to be an easier way to go, this is different from Asian countries which have many abundant natural resources. especially for now European countries are experiencing an energy crisis and high inflation, so mining bitcoins may not be profitable

I don't think we need legality from the government just to mine bitcoin though. As others have pointed out we are in an energy crisis specially in Europe so everyone is watching how energy is consumed and it just so happen that there are countries that allow bitcoin mining so these regulators and watchdog are going to say negative things about it and create a air that it is very bad for everything, including the ill effects on the environment.

[mindrust]

The fabricated "Energy crisis" are just a political play to fund large projects, where opportunities for bribes are created in a partnership between large Private companies and top government officials.  

So, what they do for example : They do not maintain the power plants and the supporting infrastructure, so that it eventually fails. When it fails... it creates a fabricated "crisis" that needs emergency funding. The Tender processes are hastened to "manage" the crisis and in that process... a lot of money for the project are siphoned to pay for inflated costs to rush those projects. (This "extra" money are then used to pay bribes to the people that approved the tenders)  

Exactly. There isn't even such thing as "limited energy." The energy is unlimited. You just don't want to pay the price. The price is going higher because, the central banks printing more money than they should have.

It is amazing that they want to have low inflation after printing multiple trillions of US dollars in the last 2 years. Tbh oil price should be way higher than $100 right now. It is being manipulated af.

[Bitstar_coin]

I think the attention should be on the 50,000 TWh energy lost due to inefficiency and wastage, why the governments are not concerned about that, and make it a priority to find ways to curtail energy lost.

[Lucius]

You are absolutely right, Europe seems to be the loudest when it comes to btc mining criticism even when little or no mining at all is being carried out in that country.
~snip~

You probably just expressed yourself wrongly, but Europe is a continent where many countries are located, although in most of them it is not profitable to mine Bitcoin because of the high price of electricity, but also because the VAT and customs costs of importing mining devices are quite high considering that they come mostly from China. If you wonder why some voices within the EU are so loud about banning crypto mining, then you should know that their source is mainly in the north of Europe in countries like Sweden, and they don't really have any existential problems, so they deal with all kinds of nonsense. Although I read that the level of crime in Sweden has increased tremendously, so maybe now they will pay a little more attention to solving the problem internally, and they will not come up with various stupid ideas.

Swedish officials are calling on the EU to ban energy-intensive cryptocurrency mining techniques, such as those used by Bitcoin. They say such activities cannot be tolerated at a time when all states in the world urgently need to reduce their energy consumption to combat the climate threat.

I think the attention should be on the 50,000 TWh energy lost due to inefficiency and wastage, why the governments are not concerned about that, and make it a priority to find ways to curtail energy lost.

In a world where there was logic, that would indeed be the primary problem, but it's much easier to attack Bitcoin than to try to solve that problem. Although by constantly attacking Bitcoin due to POW and massive energy consumption (about 250 TWh per year), they only show their true intention, which has nothing to do with energy consumption or environmental protection.

[Silberman]

I can't fathom why Bitcoin keeps getting targeted for all kinds of reasons, from it being a bubble to consuming too much energy. This is clearly not the first time Bitcoin mining operations have been targeted for their energy efficiency. The image posted by the OP is true. Bitcoin operations only account for less than 1% of the total electricity consumed. Some will claim that 1% is too much, but I beg to differ for something that is practically generating wealth. In my opinion, we're bound to see more enemies of mining operations in the upcoming months due to the energy crisis.

On top of that, Bitcoin mining is mostly operated in Asian countries; there are hardly any operations in Europe, which is facing the largest threat from the energy crisis, but still, it's constantly being targeted for consuming excessive energy.

This is simply about power, politicians hate anything that takes power away from them and from other powerful people that are their friends, they can easily see that bitcoin is a threat to them and as such they are not above lying in order to try to decrease the rate at which bitcoin is being adopted all over the world, and if for that they have to say bitcoin is a bubble, that is only used by criminals or that is a threat to the environment due to its energy consumption they are going to do it even if they know this is not true.

[NotATether]

If you wonder why some voices within the EU are so loud about banning crypto mining, then you should know that their source is mainly in the north of Europe in countries like Sweden, and they don't really have any existential problems, so they deal with all kinds of nonsense.

I'm guessing that Sweden has enough fuel to make it through the winter?

In a world where there was logic, that would indeed be the primary problem, but it's much easier to attack Bitcoin than to try to solve that problem. Although by constantly attacking Bitcoin due to POW and massive energy consumption (about 250 TWh per year), they only show their true intention, which has nothing to do with energy consumption or environmental protection.

These days, policy everywhere is more like: "Let's make it seem like we are solving problems without actually solving them". A bluff.

[Lucius]

I'm guessing that Sweden has enough fuel to make it through the winter?

Let's put it this way, Sweden, unlike most countries in Europe, long ago started a process in which it will become less and less dependent on gas or oil, and today it gets most of its energy from nuclear plants, hydro sources and biofuels and waste. Although oil still makes up a certain percentage of total consumption, gas is something that Sweden does not have to worry too much about. I think it will be much clearer if you look at the following infographic.

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