The biggest bogeyman out there re energy use is the inflationary policies of the global governments. Those policies automatically equal much higher uses of energy across the board. This is why picking on Bitcoin's energy usage is not something many people in power should touch because doing so opens up the conversation to investigate how energy is being used across the board. How then can the Fed virtue signal about saving the planet when they'll have to face serious questions about how their policies (always growth, must have growth at any cost) are basically doing just the opposite. Talk all you want, but realise there are very real consequences to that talk.
Flared gas that is uneconomic to move to market is being converted into electricity for bitcoin mining. That must be an environmental benefit.
Stop it ZB, you're messing with the emotional narative that Bitcoin boils the world. The Bitcoin bears need something/anything to help them. The best one I've heard so far is Bitcoin is being used by Right wing domestic terrorists (most of them white of course!) so 'something must be done'. I haven't heard (yet) that Bitcoin is racist but you know it's coming.
Good job man, looks like you spent a lot of time posting that here. I'm sure the price of Bitcoin will start plummeting now that you posted this. Maybe you'll have a chance to buy at 48k instead of 49. Very proud of you, you are so smart...
Anything Bit"coin" is always going to be a waste of resources no matter what. There's no purpose, no end use for a made-up digital token that nobody needs. Even if the energy is near-free, speciality hardware used for mining is not. Typically ASICs made just for Bit"coin". All the BTC bulls are talking their book all the time, for their own personal gain. (I have no involvement in cryptos.) The pyramid scheme -- that Bit"coin" is -- needs a constant influx of new fools to merely stay afloat. We've just established why. At normal costs of $0.10/kWh even 5% of BTC's current market cap is spent on power each year. That's excluding the speciality hardware. BTC would die of its own weight were it not for the influx of conned new fools buying an intrinsically worthless digital token.
How much energy is used in gold mining? How much energy is used by banks running the fractional reserve? Money is energy.
As a European citizen I agree for 100%. Now we should try to find somebody o learn you math. Then you can see yourself that what you posted doesn't add up.
Why not buck the trend buddy? Put on a short position rather than talk because you're talking with some conviction. Something in your view is worthless yet the market is valuing it around $50k. Lot's of money to be made there. In this game you get paid when you put positions on, not when you talk which is why few listen to the bears and thank god we haven't over the last 10 years. So give the bulls some credit, at least they're backing their talk with action. The other big difference with the bulls versus the bears is the bulls have a point where they'll be wrong, a good one being if/when it trades sub $1k for 365 days solid. Until that happens the game is very much on. So where's that point for the bears? Good trading and investment is as much about understanding where and when you'll be wrong as much as where and when you'll be right. In fact, as we all know, being first wrong can often be excellent news as it can lead you to being big-time right overall. So as the virtual/digital economy grows and grows over the coming decade, and Bitcoin is (probably) seen as the native currency/value to drive it ever stronger, will you still be telling us how it's all worthless and everything will 'soon' collapse. Or maybe you'll be like Pek, still screaming about Tether!
You only make money when you sell all your bitcoins (when the money is in the bank). I know people who were millionaires in stocks, but they forgot to sell at that moment and finally they were millionaire off again. In general people who are against crypto's are so because they see it as a scam. So why go short in a scam? Better trade real stocks or futures. I would never use a trading system to play in a casino, because it will not work. Crypto's are like a casino. I know several people who are already a few years in crypto's. I beat all of them trading futures. Why trade crypto's then, if I have for me better options with MUCH less risk and more profits? Even if crypto's would not be a scam I would not trade them as I have better options and money is in the bank every day after the close, no overnight risk.
I don't buy this analysis. Dryers run 5-6kw for an hr once a week. A single bitcoin miner is at least 1kw/hr/24/7 I explored this idea and pitched it to a few people. No takers though. See a few comps have taken the mantle finally.