The focus of this post is Bitcoin and the FUD surrounding it's energy usage. If you're not aware here is the summary:
"Bitcoin is not viable because of it's energy consumption. It is worsening climate change, and energy usage, so it should be banned or done away with." - mainstream media morons
Anyone, who understands energy/Bitcoin/finance/renewables sees that this is some pretty low level FUD, but I will not go into debunking the obvious.
However, the Bitcoin mining council (BMC) has done just that. link
It explains that only 0.38% of the worlds wasted energy is used for Bitcoin mining.
So, even though we have an outdated fossil fuel system that destroys the earth, Bitcoin essentially uses none of that total consumed energy and hence does not exacerbate climate change in any significant way.
This brings me to why this matters and some current events around this information. This article highlights activity within Tesla's most recent SEC filing which mentions that it may resume accepting Bitcoin as payment.
Tesla states in the filing " We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services.” link
If you connect the information coming out about Tesla's SEC filings, and the obvious conclusion that Bitcoin uses much less energy than Gold mining or anything similar, then it seems obvious that Bitcoin is about to explode in terms of usage, acceptance, and price.
I am sure that, once it is official, more and more companies will follow Tesla's lead and begin to accept crypto as payment. We are heading towards global adoption at this rate.
Feel free to voice your opinions
TLDR: Bitcoin no use lots energy. Good 4 earth. Soon use to buy Teslas, so make Bitcoin go up 🚀
No comments:
Post a Comment