Thread by @marcrjandrew

“Bitcoin already consumes as much energy as a mid-sized country - it will accelerate climate change and destroy the planet.”

Actually…

Bitcoin will be a major force for good in the fight against climate change.

Here are 5 reasons why: 🧵👇

Quick context:

I believe the threat of climate change is real and urgent. I helped pass a carbon tax in Canada and believe in climate action.

And I think Bitcoin is a crucial part of a greener future.

Here are the 5 reasons:

#1: Our civilization is needs lots more energy!

We need an energy abundance agenda: massive investments in low carbon infrastructure and we need to build it fast.

Bitcoin mining can spur massive investment in clean energy.

https://twitter.com/elidourado/status/1450495409894264837?s=20

2: Renewables can't power society at scale atm, because they rely on things like sun and wind.

Bitcoin is a unique source of energy demand. It can profit on energy that is:

- anywhere
- intermittent
- flexible

It means Bitcoin miners can complement the grid's stability.

3: Bitcoin miners are public companies, who have an ESG pressure to commit to low carbon activity.

BTC mining is shifting to green sources to ensure they can access the world’s largest pools of capital.

Green miners include: @CleanSpark_Inc, @Bitfarms_io,
@irisenergyco

4: The #LightningNetwork is decoupling Bitcoin transactions from its energy use as it grows.

LN is Bitcoin’s L2 that can scale BTC transactions exponentially, without scaling the need for mined transactions.

For more read @CoinCornerDanny's report:

blog.coincorner.com/comparing-bitc…

5: We don’t just have a climate problem.

Our civilization is destroying Earth's biodiversity, and principal the reason why is our economy is addicted to quick consumption.

Fast food, fast fashion - Bitcoin fixes this.

Learn more from @JeffBooth:

Continuing this thread with background info:
The best site on #Bitcoin's energy use is run by @CambridgeAltFin

Context: 120 TWh a year is ~ 0.6 of total electricity produced globally.

40-75% of that is powered by renewables, depending on time of year

ccaf.io/cbeci/index

If you want a timely dialogue on the Bitcoin energy debate, read @jp_koning's anti-bitcoin & energy piece here: jpkoning.blogspot.com/2022/01/the-fa…

and @nic__carter's thread reply here:

https://twitter.com/nic__carter/status/1481650659548008451?s=20

decide for yourself!

Also timely, @hello_bitcoin, @matbalez and @aubreystrobel produced an excellent video intro on this topic this week:

https://twitter.com/aubreystrobel/status/1481287264814649351?s=20

The most comprehensive report I've found on the issue, though of course from a very pro-Bitcoin organization, is @NYDIG_BTC's Bitcoin Net Zero:

nydig.com/bitcoin-net-ze…

I also find it very interesting to look at anti Bitcoin energy pieces, like this one in the FT, that even though written just 8 months ago, are so incredibly out of date already.

"72 per cent of bitcoin mining is concentrated in China"

😂🤣

ft.com/content/0448b4…

TL;DR:

Top 5 reasons Bitcoin is a force for good on climate:

1: It spurs energy development
2: It's a great client for renewables
3: Miners have an ESG pressure to go green
4: LN is decoupling BTC transactions from energy
5: It lowers our time preference

If you made it this far, hit @marcrjandrew and follow.

I write a weekly thread exploring why #Bitcoin is inevitable, and how it can build a healthier, more sustainable global economy.