#Bitcoin's INSANE energy consumption logic is NORMAL, expected and FLAWED.

Here is why.

Thread πŸ§΅πŸ‘‡

πŸ“Ί Why Normal?

Most people go through headlines. And often mainstream media just highlights things that get them clicks and views.

"Bitcoin is good" is a less attractive story headline than "Bitcoin will destroy Earth's Environment in 2025"
⏳ Why Expected?

"Energy" criticism isn't new at all.

It is going on since any new tech innovation (which uses electricity) came into existence. Let's look at an example.

In 1999, Forbes claimed that internet β€œburns up an awful lot of fossil fuels” and destroys the environment Image

In 2017, World Economic Forum (@wef) claimed that in 2020 bitcoin will consume more power than the world does today.

We are 1 year past that mark, BTC's power consumption is not anywhere near that mark. Image

Imagine if entrepreneurs, investors, and developers had listened to Forbes in 1999 and stopped building the internet.

Same is happening today and we should take inspiration from the Web 2.0 builders to keep building Web 3.0.

History may not repeat, but it often rhymes.

🌐 Why it is FLAWED?

Currently, more than 70% of #Bitcoin mining is done using renewable GREEN energy.

With more days, more renewable energy is coming into the mining industry.

A 2019 Report πŸ‘‡

Also, the way many people calculate bitcoin's energy consumption is flawed and out of context.

@2B4CH did a brilliant job in explaining WHY it is very wrong.


Also, Bitcoin is just a 10+ year old network.

Everything needs time to become more efficient. And many people are working to make bitcoin's energy consumption more GREEN than it is today.

@colyermike is on such builder - building green solutions πŸ‘‡

Proof of Work (PoW) is currently the best-known algorithm that ensures that a network is decentralized & uncensorable.

PoW is the heart of Bitcoin. And day by day that heart is getting greener.

PoW is Efficient by @danheld: danheld.substack.com/p/pow-is-effic… Image

🌏 In real world, we use energy to build walls & homes to protect ourselves from bad guys.

🌐 In digital world, bitcoin uses energy to build an electrical wall to protect our monetary energy (money) from bad guys.

Will end this thread with this: Buidlers, keep buidling.

✍️ Forbes article I mentioned above: forbes.com/forbes/1999/05…

πŸ“½οΈ @michael_saylor explaining BTC's energy consumption in just 2 mins:

πŸ“° Research paper on BTC's energy debate (@milessuter / @CathieDWood):

--- Thread END ---
πŸ™ Tagging 15 other people not mentioned earlier but might also be interested in the above thread:

@nic__carter @elonmusk @APompliano @bitstein @BTCization @PrestonPysh @MrHodl @adam3us @TheBlueMatt @smtgpt @pushpendrakum @CryptooAdy @ThatNaimish @NeerajT4 @MATT_ODELL

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