"But that means it's worse for the environment!" some will say. It's not so much about the absolute dollars that go into production, but instead how those dollars translate into *consumed resources* to mine and secure the asset.
Already #bitcoin's showing signs of being more sustainably produced than gold:
76% of the energy used to mine $BTC comes from renewable sources, whereas *diesel* appears the main source of energy for gold mining companies.
76% of the energy used to mine $BTC comes from renewable sources, whereas *diesel* appears the main source of energy for gold mining companies.
The type of energy we can put into mining #bitcoin is infinite, requires no marring of Earth's surface, and high odds it pushes towards 100% renewable energies much more quickly than the gold industry does.
Consider this: "according to a recent report by the International Renewable Energy Agency (IRENA), renewable energy costs are down over 80% from 2009, and continue to decline." ar.ca/bitcoin-study
Given the industry they support, #bitcoin miners are much earlier adopters than the gold industry.
$BTC miners will continue to take advantage of renewable sources of energy that are lower cost, not just economically but environmentally.
$BTC miners will continue to take advantage of renewable sources of energy that are lower cost, not just economically but environmentally.
The #Bitcoin industry's natural inclination towards renewable energies aligns well with rising generations that place environmental costs front and center.
+ #bitcoin belongs to the generations of the 21st century, we've grown up with it.
People love things they helped create, and the things that are the rising generations' become the most treasured.
Gold represents glories of centuries past, socially washed up aside from bling.
People love things they helped create, and the things that are the rising generations' become the most treasured.
Gold represents glories of centuries past, socially washed up aside from bling.
By 2100 (?) digging shiny-rocks out of the ground to account for and store value will seem neolithic.
Thanks to @ArcaChemist for sharing the report he wrote that gave me these numbers and thoughts to mull over: ar.ca/bitcoin-study
Thanks to @ArcaChemist for sharing the report he wrote that gave me these numbers and thoughts to mull over: ar.ca/bitcoin-study
@matthuang pointed out a flaw in my logic: the costs should be measured relative to inflation (potential revenue).
Gold inflating ~1.5% off $7T base = $105B
$BTC inflating ~4% off $140B base = $5.6B
Ratios are ~inline, w/ BTC miners having slightly better margins for risk.
Gold inflating ~1.5% off $7T base = $105B
$BTC inflating ~4% off $140B base = $5.6B
Ratios are ~inline, w/ BTC miners having slightly better margins for risk.
@matthuang This point still stands 👇 and for me is the most important takeaway from the thread.
Forgive the slight misinformation at the start, it came from a bad place anyway (attempted sensationalism to get peoples' attention).
Forgive the slight misinformation at the start, it came from a bad place anyway (attempted sensationalism to get peoples' attention).
