Christmas Lights in the U.S. Use More Energy Than Bitcoin

How Bitcoin Incentivises Clean Energy Production – Review of 21 Days of Bitcoin Course – Day 15

Recently there were many bad press on Bitcoin, especially on how it is “bad for the environment.” Elon Musk in June this year, tweeted that Tesla would no longer accept bitcoin as payment due to environmental concerns about its heavy energy use. This crypto backpedalling has resulted in the price of bitcoin dropped around 15%.

I recently chanced upon Bitcoin Magazine’s latest Bitcoin course, entitled: 21 Days of Bitcoin. I signed up and in the email sent to me on Day 15, the writer mentioned that it’s always easy to get caught up in the many biased Bitcoin articles arguing for or against this statement, and typically with cherry picked statistics.

So what does it say?

– It is a fact that Bitcoin requires a lot of energy to operate and yes, some of our energy sources are unclean and bad for the environment.

– Although the Bitcoin network may seem to be a “waste” of energy, the writer argues that just like everything that requires energy is a “waste” of energy, depending on our perspective.

– While sceptics say that Bitcoin uses more energy than some small countries i.e. El Salvador, but so do Christmas lights in the US alone. In fact, our modern appliances and big-city living habits are unspeakably hedonistic carbon footprint culprits.

– Bitcoin works because every participant in the Bitcoin network is acting selfishly, and because of that, the action supports the security and structure of the network as a whole. This means Miners will continue to find the cheapest long-term electricity in order to confirm transactions and receive new bitcoin rewards.

– The argument is that clean, renewable energy is the cheapest, most sustainable source of power, while environmentally damaging fossil fuels are the most unsustainable.

So in conclusion:
Bitcoin mining incentivises a transition toward a 100% renewable, clean energy future.

As the numbers continue to change and all energy production leans towards clean, renewable sources, the writer suggests that we shouldn’t be too cynical as Bitcoin should not be scapegoated with “destroying the environment”.

For those interested to take this course, please check it out here:

Image from Bitcoin Magazine

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