Bitcoin can generate Cheap Energy Boom
Bitcoin can generate Cheap Energy Boom, People who are concerned about the amount of energy required to mine Bitcoin should take a longer view of the situation and recognise that the energy requirements of Bitcoin are a feature, not a bug.
Bitcoin mining provides a strong market incentive for energy producers around the world to boost their output of low-cost energy, potentially lowering global energy prices. That’s excellent news for everyone, but it’s especially good news for the poorest members of society, who will profit the most from lower energy costs.
Bitcoin is based on the Proof-of-Work (PoW) consensus method, which requires energy to create new tokens. PoW is a time-consuming and energy-intensive computing procedure that uses specialised devices. We now all have access to a new sort of money that exists in the digital world thanks to technological innovation. As a result, Bitcoin can be considered a “energetic currency” as well as a “digital currency.”
Bitcoin and future energy consumption
The mainstream media usually promotes Bitcoin as a “digital currency,” but the “energetic currency” concept is far more compelling. This isn’t a brand-new concept. Henry Ford predicted an energy currency that would put an end to hostilities more than a century ago. “Energy is the sole worldwide currency,” says Vaclav Smil, a Canadian scientist. Bitcoin can generate Cheap Energy Boom
When you think about it, that makes sense. For as long as we’ve been here, humans have been harnessing energy to establish a home on our planet. In a recent article for Bitcoin Magazine, AJ Scalia and Drew Armstrong, the CEO and president of Cathedra Bitcoin, a bitcoin mining firm in Canada, discuss this:
Humans do not belong in the natural world; our environment is neither stable nor secure for us until we change it. The ordinary human’s ability to live on the earth is contingent on our ability as a species to transform the environment into resources that protect, nourish, and support us. We’ve been constrained to using human and animal labour for most of history… Today, a single person has the equivalent of roughly 600 humans working for them, based on the average American’s daily energy use.
Less energy is never the answer from a humanitarian standpoint
Humans, on the other hand, are more concerned with energetic order than with energy. The most organised type of energy, electricity, must be consumed as it is produced. This is inconvenient since a significant amount of electricity is produced but never used, resulting in waste.
Bitcoin miners are encouraged to locate the cheapest energy feasible because real energy is their primary cost. As a result, miners frequently employ energy that would otherwise be wasted (better known as stranded or non-rivalrous energy). Bitcoin can generate Cheap Energy Boom
Companies like Soluna employ this sort of computing to absorb excess renewable energy, which is one of the main issues with renewable energy production and the green transition that is currently unfolding, contrary to what PoW detractors assume. In this way, bitcoin mining can help with the transition to renewable energy sources and grid stabilisation.
Bitcoin mining project will use 100% renewable energy
Biomining is a Bitcoin mining company based in Mexico that uses biogas from waste. Ricardo also made the case for mining Bitcoin with stranded/non-rivalrous energy, and he expects that PEMEX and CFE (Mexican state-owned energy corporations) will end up mining Bitcoin to monetize all of the excess energy they currently produce (but aren’t using). We also discussed Ricardo Salinas Pliego, Mexico’s third richest man, and his plan to mine Bitcoin using geothermal energy from volcanoes.
Bitcoin mining is making it incredibly profitable to produce cheap and reliable sources of electricity wherever on the planet. The monetization of a digital commodity made from electricity, one of the most important economic items ever generated by humans, is at the forefront of a new energy revolution that will enrich humanity like never before. Bitcoin can generate Cheap Energy Boom