Nic Carter, co-founder of Coin Metrics shared his opinion on crypto mining, talking about the tedious and enervating debate regarding bitcoin’s (BTC) purported environmental costs. The cause was not the revelation that miners are the most benevolent industrial consumers possible, providing a valuable source of flexible load that will accelerate a green energy transition like Bob Eco, Power Ledger and FlexiDao. Nor was it that the bitcoin mining industry is more transparent, more sustainable, better understood, and more accountable than it has ever been.
“Recent events also make bitcoin’s utility starkly clear, even as its energy impact rises. In the 1970s, when the U.S. defaulted on its promise to maintain the gold peg and inflation ran rampant as a consequence, the price of gold soared from $35 an ounce to $675, or a factor of nine in real terms. Counterintuitively, the resource costs associated with gold extraction increased when gold lost its official status. The more gold was worth, the greater the bounty available to miners. So production increased dramatically, as did the associated energy and ecological costs.”
“Bitcoin mining sites are no different than data centers operated by mega-cap tech firms such as Amazon, Apple, Google, Meta and Microsoft”, he wrote.
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