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Valentin Schmid @vxschmid
, 7 tweets, 5 min read Read on Twitter
I recently had the chance to visit one of the most innovative #Bitcoin mining operations in #Norway

Conclusion: Bitcoin mining is necessary, not wasteful, and even superior to the alternatives.

Read everything here and in this thread👇

theepochtimes.com/bitcoin-mining…
So far most #Bitcoin mining is done in #China, with subsidized electricity and coal power, here: A power plant in Xiangshawan Desert in Ordos of Inner Mongolia
. @NorthernBitcoin is one company who goes to where the cheap renewable energy is, in this case #Hydropower in Norway at a plant near Sandane
One of the generators used in this plant is almost 100 years old, made by J.M. Voith AG. in 1920
The hydropower is consumed by the fans on the mining computers, which use more power than the computers themselves
210 of these machines are packed in one container which are stored in an old olivine mine
Cold water from the nearby Fjord is used for heat exchange and the naturally cool temperature in the mine contribute to the perfectly efficient #Bitcoin mining solution.

#Efficient #Exciting #Innovative
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Related threads

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1/ Planting Bitcoin - “Development/community” (4/4)

Bitcoin’s perfect seed (genetic code) had been planted at the right and place. Now it was time for Satoshi to nurture Bitcoin’s development.

medium.com/@danhedl/plant…
(Music has been paired with the Medium article)

Thread 👇
2/ “The project needs to grow gradually so the software can be strengthened along the way.” — Satoshi Nakamoto

Satoshi chose to be anonymous, which fit the ethos of the Cypherpunks. People can project hopes and dreams on an anonymous individual, ensuring maximal narrative fit.
3/ Volunteers need to rely on trusting the objective reality of the code, rather than focusing on the merits of the project leader.

“It does not matter to the operation of the technology, in the same way that the identity of the inventor of the wheel no longer matters”@saifedean
Read 26 tweets
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1/ Very pleased to share a summer project: a comprehensive, supply-side view of the base money supply across the globe. What is base money? Gold? Fiat? Bitcoin?? Have some charts to share…
2/ To begin, it's important to understand the universal accounting identity: Assets = Debt + Equity. Today, it's true that all fiat money is debt-based. But before exploring fiat money, let's look at asset-based money.
3/ Traditionally, commodity money has been asset-based, most notably gold. Gold is a true asset of the holder. If you own gold free and clear, it is your asset, and no one else's debt, no one else's liability.
Read 61 tweets
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Spending #Bitcoin today is senseless. But if we manage to make it a good store of value, then it will naturally be used as a medium of exchange in the future.

Thread 👇
1/ Instead of focusing on the act of "spending", we need people want to "earn BTC", to "be paid in BTC". We need more hodlers.

The economic and technical consequences of stressing one viewpoint (to spend) over the other (to earn) are profound and irreconcilable.
2/ Money's essence is being used as a medium of exchange (MoE). But for something to become money, or a universally accepted MoE, it must first follow evolutionary stages. First, comes store of value (SoV), second, MoE, and third, unit of account (UoA).
Read 57 tweets
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1\ Do any other Bitcoiners like the book "The Once & Future King" by T. H. White?

It's one of my favorites and I've been revisiting it recently, thinking about cryptocurrency, political representation, & blockchains.
2\ It opens with Merlyn teaching a young King Arthur (Wart) about different forms of government, the fallacy of "might makes right", all through a series of adventuresome allegories.

Disney's "The Sword in the Stone", is a cute (if imperfect) adaptation of this part of the book.
3\ But "The Once & Future King" is ultimately a tragedy.

With the help of his storied Knights of the Round, Arthur builds Camelot, the fairest kingdom.

But Arthur is manipulated into self-conflict, his personal desires at odds with the principals he must uphold.

Camelot falls.
Read 10 tweets
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1/ Blockchain is a very sluggish thing. Many confirmations (= time) are needed to ensure transaction finality. It is inefficient because everybody sees all transactions. And we need to store all transactions for eternity (unless Mimblewimble is used.)
2/ But if properly implemented blockchains are of extremely high security. And the location of sender & receiver is irrelevant. This is _the_ killer app for which everything else is built upon.
3/ From this hard secure foundation we can build faster & cheaper payments (like the lightning network) that still carries almost the same security thanks to smart contracts.
Read 7 tweets
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THREAD: Ready to get mindblown by #Bitcoin #CORE implementations and progress?

Volunteers around the world gather and cumulate tons of hours from the best minds on this planet about the topic. This is a gift, an invention made to humanity.
Forget about 2nd layer, it's already and way too mainstream as I recently stated.

Yet, welcome now to the "in between layers": "The new layer can be seen as a channel factory"

bitcoinmagazine.com/articles/new-s…
Now Smart contracts.

You tought #Bitcoin was dumb? First and foremost, you were wrong because $BTC has smart contracts *since the inception*: multisign and lately get timelocks (led to LN).

If you didn't know that, admit you're never really been interested in Bitcoin or lured?
Read 35 tweets

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