Topic: Debunking the "Bitcoin is an environmental disaster" argument. - page 3. (Read 5223 times)

Lyn Alden just updated a great article she wrote  back in April 2021 with new data and contents.
It is a compulsory read for everyone falling for the “bitcoin consumes too much energy fallacy”.

Bitcoin’s Energy Usage Isn’t a Problem. Here’s Why.

A lot of material in this thread covered already these topics. But here they are cleverly summarised and exposed.

Because the others don't work anymore, so that's where they need to concentrate PR efforts.
Anyhow, another of those "researches"  show how unreliable this whole stuff is

let's put together two of their reports:
Q3 2021
https://bitcoinminingcouncil.com/wp-content/uploads/2021/10/2021.10.19-Q3-BMC-Presentation-Materials-Final.pdf
Q3 2022
https://bitcoinminingcouncil.com/wp-content/uploads/2022/10/2022.10.13-BMC-Presentation-Q3-22-Presentation.pdf

Now, spot the differences:



Oh wait, there aren't that many because they are recycling the data form other industries over and over for almost two years!

Anyhow:
https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research
RIP! 

Christmas Lights Use More Power than Bitcoin Mining
RIP!

Bitcoin Mining Consumes Less Energy Than Gaming, Reveals Report
RIP!

Let's see if BTC reaches 100k before the halving what more of those from the list we can strart to scratch.

As I said previously:
Seems it's that time already!

Yes, very comprehensive, testing awareness about cryptocurrencies. The public focus is clearly on business development and investment. Addressing these challenges will require further ingenuity and innovation in increasingly constrained carbon (energy) and this is an opportunity for those in the sector.

I think, this is a sign that Bitcoin is not an environmental disaster to the community than to contribute positive things in the community by helping the youths to have access to the most secure crypto network in the community. This latest update will really make people to believe that Bitcoin is not an environmental disaster to the world economy than to create more opportunities for the users or miners to have access to sustainable network to improve their development in the community.

The Bitcoin Mining Council Released their Latest Update:



They pushed the rhetoric of Bitcoin as a clean energy usage accelerator:


Read more here

Great news, and, curiously, I got to the same Twitter Bubble a few days after you.

Yes, Bitcoin Mining can actually help oil producers to turn their waste methane, a very powerful greenhouse gas, into a precious resource used to mine bitcoins.

Upstream, as we saw in the thread, is building Power Generators running on the methane vended from oilfields, powering ASICS:




This can help bitcoin becoming carbon neutral, or even carbon negative!




Even legacy institutions, not exactly favorable of Bitcoin, are starting to realize how important it is.







I guess those are very good point, while discussing this topics with uninformed people!

bitcoin can transform energy industry and there is much explanation to how this can be achieved, well it already in progress despite the fact that there have been many reports on it hight cost of electricity demand but there's fairness in it impact on the environment because as it has no detrimental cause or loss incurred during the process, time without number it has been said that bitcoin has no effect on environmental hazard, it rather give a solution in solving the already accumulated challenges through bitcoin carbon footprint lot need to be taught on this regarding the bitcoin mining and the corresponding impact on the environment which has been the course of discussion since the beginning of this thread and yet the argument of PoW from PoS shouldn't be a thing of contention because nothing can be changed from bitcoin using PoW because in doing this, miners get their rewards also.


source

I can accept the US is offering a higher interest rate,
to gain an influx into the US $.

But as you said,
IBOND over 9%,

BTC PoW coins are zero % for their holders.

And when rising energy costs, miners are begging for venture capital just to maintain PoW mining.
Putting the entire network at risk, however a PoW ban is coming, it is a foregone conclusion to all of these rolling blackouts in the US,
energy resources are stretched too thin, and PoW has to be removed to protect the grid's safety margin.
Bitcoin reward model does not become deflationary until 2140.
And that weak deflation is only from lost coins.
It's PoW tech will be banned worldwide by 2024.

Ethereum ~4%, but with the change to PoS,
Ethereum becomes deflationary,  
https://www.bloomberg.com/news/newsletters/2022-09-08/ethereum-upgrade-s-perks-include-crypto-deflation

The US $ is seeing a massive assault from inflation in Energy and Food Costs.
While the Ibond hold over 9%, the falsy reported low inflation rate of 8.6% (We all know it is much higher),
means that Ibond is only earning .4% and since inflation is higher that IBond is really at a negative rate.
https://www.bls.gov/opub/ted/2022/consumer-prices-up-8-6-percent-over-year-ended-may-2022.htm

Ethereum and PoS coins are the only real games in town ,
as the US $ continues on the path to hyper inflation, their network can continue, and earnings verse fiat will increase.

BTC PoW will be banned by 2024, or be crushed before then by the rising energy costs from Utilities as Miners close shop to avoid bankruptcy.
https://www.coindesk.com/business/2022/09/01/bitcoin-mining-middleman-compass-georgia-facilities-to-close-as-energy-prices-soar/


FYI:
It won't matter if IBONDS give 100% interest in US$ , if Inflation goes to 101%,
you are still in the negative %.   

THE us is attacking all of crypto at the moment via Usa Savings bonds in particular the I bond.

As I type the I bond pays 9.62% for the first six moneys you purchased it.

Eth a wild card meaning not pegged to usd pays 3-4% staked

Most stable coins pegged to the USD pay 3-8%

there are 330 million us citizens that can buy 10000 in bonds each and every year.

so 3.3 trillion a year can be purchased

the entire crypto can in under 1.5 billion.

So basically all coins pos = piece of shit or pow


btw pow in the worst case scenario would help to melt all the ice and kill off 2-3 billion people.

Which is why Trump was looking to buy Greenland.

https://finance.yahoo.com/news/cosmetics-billionaire-convinced-trump-u-121218552.html?


banning pow is not happening.

Not when the US is clearly attacking pos and stable coins with I bonds.

come back on Oct 2 when new I bond rates are given  they will be close to 9% and all of crypto especially stable coins and ETH will be attacked for 6 more months.

Nope,
recommendations to the US President from the White House Office of Science and Technology is that PoW mining be banned.

White House Office of Science and Technology is in favor of Proof of Stake and critical of Proof of Work/waste:
https://blockworks.co/white-house-criticizes-proof-of-work-crypto-mining/

This is certainly correct considering all the recent news that came especially from the US. They are way more active and up to date with crypto things these days and this Cointelegraph article among several others perfectly underpins what you have just said.

Exactly because the US government is making progress in all things crypto, they've decided against a PoW ban I think just recently. What they do want though is that it needs to be frequently checked whether PoW stays in line with the carbon footprint goals. Those are pretty soft words, almost sounds like they actively advocate mining. What they do ask for in a more compelling way these days is for mining facilities to successively invest more resources into renewable energies. That wording and tone is as far away from a ban as it can get. It does clearly sound like the intention to cooperate rather than putting PoW out of business.

The Cointelegraph article has a nice quote:

“We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.”

That is exactly how everything enfolded. Many smart people in congress are invested themselves for sure.

Will there always be voices threatening that there is a ban around the corner? Of course! It is much more likely that AML regulations are going to be stricter and stricter over time and make things more complicated for people who value privacy. But can it get any worse than the NSA scandal?

Re-posting this:

You were in your dad's testicles when I was programming computers, kiddo.

You're the useful idiot I was talking about... endorsing an artificial energy crisis.

We could have had cheap nuclear energy by now, but no, useful "green" idiots like you have to protest.

Why? Because the elites want to slow down human population growth (see the chart above). More energy = more population growth. Facts are facts.

Bye kiddo!

China has made a huge blunder before:

https://twitter.com/Duncan19Sard1/status/1458160064347328516

It's ther loss.

Not really. The universe is abundant with metals, including Gold:

https://robbreport.com/lifestyle/news/rare-psyche-asteroid-worth-way-more-than-the-global-economy-1234577976/

Your problem is called "scarcity mindset", but you can always fix it:

https://www.forbes.com/sites/carolinecastrillon/2020/07/12/5-ways-to-go-from-a-scarcity-to-abundance-mindset/

"will lead us to this eventually"

Guess you have some reading comprehension issues...

I do NOT support cutting down on electricity usage, because it's akin to reducing the population:



Humanity needs higher amounts of energy to progress further. I support progress, not regression back to the Medieval Ages.

I do not support depopulation, but I guess it might happen thanks to useful idiots biting the "muh ecology/save the planet" bait.

I have an abundance mindset when it comes to energy, while you have a scarcity mindset.

The only scarce thing here is the BTC supply cap, definitely not energy!

Dyson_sphere would work,

do you have one?                  Nope!
can we currently build one?    Nope!

Can we ban PoW mining?       Yep!

Guess which option is going to happen.  


FYI:
While a theoretical Dyson_sphere would solve all of our energy needs,
PoW shortage would switch from energy to metals needed to build a never ending supply of ASICS,
meaning their would be no metals left for the people to use. So PoW would still be banned for wasting a different resource.  
*This is why Proof of Waste is a dead tech, it wants to use everything and leave nothing for anyone else.*

I have a different way of thinking. I don't believe there's a shortage of energy.

BTC will lead us to this eventually. The entire humanity will be grateful to PoW proponents.

No one has to ban TCP/IP,  however the 15 Tier 1 companies that control the internet backbone, would block anyone that the world government requested.
US president signs executive order banning PoW, miners are given 30 days to leave the US,
at the end of 30 days, the guys sitting at the power company turn off the power thru the smart meter system to the ASIC warehouses.
PoW in the US is now dead.
China already banned PoW mining , Europe can't keep the lights on now, so their PoW ban is coming.
Literally no other country in the world can supply enough power , so PoW coins will die, as the US bans PoW.

If PoW could survive off of renewables, no one would care, but PoW draws more power 24x7, than any renewable can offer.
So renewables that are not even keeping the normal grid operational, can't keep PoW mining operational.
If renewables were worth a damn,
then the German people would not have to worry about freezing to death this winter because Russia natural gas is not getting to them.

And if you think , you can run an ASIC in your home to keep the network running,
the network difficulty has to be matched, which requires near the same amount of power, your transformer to your house will fry and it still won't be enough to prevent a death spiral , so no new transactions for ~9 months, while the difficulty drops.
And after the 9 months , anyone with access to industrial power can doublespend on the network daily, and their is nothing you can do to stop it.
However exchanges will all drop btc within the 1st 2 weeks of no transactions.

Which if you read the above and understand it, you would realize the biggest threat to btc survival is Proof of Waste.


So any btc supporters that want btc to live,
better start pushing those lazy btc developers to evolve to a New system that does not waste the resources of entire countries ,
otherwise your btc investment will be as dead as Proof of Waste mining.

They cannot ban PoW, it's impossible. You cannot ban TCP/IP.

But I guess they can discourage it with crazy high energy prices (€1/kWh).

That's why Bitcoin can shift to other sources of energy:

https://finbold.com/bitcoin-projected-to-become-first-monetary-system-to-hit-net-zero-emissions-by-2024/

Unless the state confiscates private solar panels/wind turbines for the "common good" due to (artificial) "shortage/crisis" of energy? That would be like communism.