Bitcoin Is the Best Thing That Could Happen to Clean Energy

Implying that Bitcoin is an existential menace that jeopardizes human existence because of its “carbon footprint” is hyperbole. Imagining that fiat currencies (dollars) are somehow environmentally friendly is naive. Consider the energy used to create the steal, bricks, glass, etc. needed to create a bank building, not to mention, the energy to keep tens of thousands of them running day-to-day. Envision the processing power consumed to transact deposits, withdrawals, purchases, statements, wire transfers, credit card transactions, storing data, backups, etc. The point is dollars aren’t green.

The hubris of those with a vested interest in fiat currencies leaves them blind to opportunities Bitcoin generates for reducing our dependency on fossil fuels. Some political and media “pundits” awkwardly express unwarranted adverse opinions on Bitcoin miners’ energy consumption, yet they apparently don’t fathom the purpose of mining Bitcoin or how Bitcoin mining can expediate the transition to green renewable energy. Bitcoin miners are not facilitating transactions. They are employing electrical energy to securitize the integrity of digital property. Remuneration for this “proof-of-work” includes fees and Bitcoin itself.

Bitcoin miners provide a market for unsold excess energy

Bitcoin mining requires low-cost electricity to be profitable. To achieve electrical rate advantages Bitcoin has an ace-in-the-hole: flexibility. Serious Bitcoin miners are running hundreds or even thousands of mining computers. These mining machines can be turned on or off, conferring energy elasticity upon Bitcoin miners. Comprehending the value of Bitcoin’s mining plasticity, demands an evaluation of electric utilities and their mandates to facilitate the electricity requirements in their service area even in periods of peak demand.