One Way Ratchet

10 Things You Need To Know About Bitcoin #8: Bitcoin & Energy | 026

Turning the "Bitcoin uses too much energy" narrative on its head.

Dan and Trent do a judo move on this tired narrative.

Episode #8: Bitcoin and Energy

In person!
Major issue for Bitcoin: the criticism it uses too much energy. One of the very first things people hear about Bitcoin
Bitcoin is the honey badger: it gives no fucks
We are going to flip this narrative on its head. Topsy Turvey. Bitcoin uses a lot of energy and that is a very good thing for the world.
Energy usage directly related to human flourishing and always has
Why does Bitcoin use a lot of energy? Proof of work
- You cannot get something from nothing
- Bitcoin is antidote to Fiat system
- Proof of work imposes an unforgeable costliness on the production of Bitcoin. You cannot fake it.
Why is this a good thing?
- Bitcoin incentives energy production, in particular renewables
- Renewable energy is intermittent, Bitcoin is the best buyer the renewable industry has ever seen
- Bitcoin mining is location-agnostic, it seeks out cheap and excess energy globally
- Removing methane from atmosphere (which is 80 times worse than CO2)
Song of day: Beginning To See The Light by The Velvet Underground