1/ dear @ewarren @katieporteroc @RashidaTlaib @SenatorHassan and signers of the "letter to cryptominers"
your letter, while admirable in intention, contains numerous factual inaccuracies around bitcoin mining, its ESG footprint, and impact on local energy grid
brief thread...
your letter, while admirable in intention, contains numerous factual inaccuracies around bitcoin mining, its ESG footprint, and impact on local energy grid
brief thread...
2/ the carbon emitted by electricity providers supplying the Bitcoin mining network are inconsequential.
at 0.08 % of global CO2e emissions, removing the entire mining network from global demand would not amount to anything more than a rounding error
at 0.08 % of global CO2e emissions, removing the entire mining network from global demand would not amount to anything more than a rounding error
3/ china's move to curtail bitcoin mining has been a huge boon for america's mining industry, and with it, has created thousands of jobs, revitalized dozens of communities, and generated billions of dollars in public and private market value here in america
4/ currently emissions are created by Bitcoin mining, but this needn't to persist.
Bitcoin will be 100% renewable when power generation is 100% renewable.
the focus should be on building out renewable power generation, not on stifling the development of monetary technology.
Bitcoin will be 100% renewable when power generation is 100% renewable.
the focus should be on building out renewable power generation, not on stifling the development of monetary technology.
5/ by re-directing the conversation from sources of energy to uses of energy, you are cherry picking where to focus environmental policy based on political bias.
perhaps the 25% of US emissions created by the defense sector would be a more meaningful target for such policies.
perhaps the 25% of US emissions created by the defense sector would be a more meaningful target for such policies.
6/ perhaps in your inquiry, you could you address the $20 billion / yr cost to US tax payers in direct oil industry subsidies, or better, the trillions in negative externalities in the form of ecological damage borne by the public
bitcoin has never received a dollar of subsidies
bitcoin has never received a dollar of subsidies
7/ if your office would like to engage in a fact-based discussion supported by industry experts who are working to green the US energy grid, make it more efficient and resilient, and create US jobs, please feel free to reach out - my email is md@coinshares.com
8/ if you prefer to do your own research, some sources
- our @CoinSharesCo 2022 mining report - coinshares.com/research/bitco…
- @GalaxyDigitalHQ's bitcoin cost report - galaxydigital.io/post/how-much-…
- any of @nic__carter's writing on the topic - newsweek.com/bitcoin-mining…
- our @CoinSharesCo 2022 mining report - coinshares.com/research/bitco…
- @GalaxyDigitalHQ's bitcoin cost report - galaxydigital.io/post/how-much-…
- any of @nic__carter's writing on the topic - newsweek.com/bitcoin-mining…
9/ with thoughtful policy and a balanced, nuanced conversation on this topic, we can develop policies that make america *the* country for bitcoin infrastructure and technology development and innovation
this can benefit your ESG agenda and drive tax revenues and job creation
this can benefit your ESG agenda and drive tax revenues and job creation
10/ i look forward to engaging with your office to drive collaborative, fact-based conversations that can inform pragmatic policies that drive meaningful, lasting change
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