Is Bitcoin energy efficient or not? Why is Bitcoin dumping? Is it really an all out coordinated attack? Is it just propaganda?
—-
I’ve read, watched and listened to many sources over the week about this whole Bitcoin and carbon emission thing, Micheal Saylors’ comes off as the favorite of all, but there were also other very intelligent contributors I read from. And I actually get it.
Bitcoin mining has become 100x more energy intensive than it was 11years ago when it could be mined by a medium ranged laptop, to stay competitive in mining Bitcoin, data centers with thousands of rigs are set up to mine, it is also true that a bunch of mining operations occur in China,
The country is home to 71 percent of overall bitcoin mining pools, as of September 2017.
source
Due to this, China as a region with a population of over 1.3billion people are large consumers of electricity already, producing a high percentage of carbon emissions, combining that with the increasing energy usage of Bitcoin miners in that region poses a threat to the environment.
At this point I realized that Elon Musk wasn’t wrong after all, take a look at the scenario in China with a broad scope, across the world, Bitcoin mining is energy inefficient for the existence of humanity, period. However, that’s only one way to look at it.
What if Mining activities can be situated in regions with cheap and renewable energy sources like Hydro and Wind? What if they are situated within regions with low energy to spare? What if the byproduct of this energy can be recycled to become a sustainable source of green energy?
No doubt it’s taken us 11years to get to this point, many experiments are already going on around this, it also helps to dissolve the concentration of mining activities in one region, Micheal Saylor says...
#Bitcoin 's Proof of Work architecture creates Seven Layers of Security and serves as the foundation for the world's first & greatest digital monetary network. There is no more efficient technology for converting energy into prosperity.
source
It’s hard to disagree with this guy.
The latest news from China says China is placing a ban on Bitcoin mining, everybody is loosing their heads over this but should China really not care about its environmental pollution?
At least, this move will further dissolve the concentration of Bitcoin mining in China which is a good thing for the decentralization of the technology as miners are forced to move to other region with less carbon emissions. Plus this will also spur the development of innovative ways to mine Bitcoin in more energy efficient ways,
Latest news from Hong Kong also has it that Hong Kong placed a ban on people with less than the equivalent of $1M in their investment accounts from trading crypto and insists that all exchanges operating within its jurisdictions must be fully registered.
The requirement of confining the services of a VA exchange to professional investors only is necessary to ensure a proper degree of protection for the investing public,” the 32-page consultation conclusion paper noted
source
This one is just out right ridiculous, Hong Kong banks are making themselves financial controllers now, so in short, only trading professionals are allowed financial inclusion, so the rich get richer here while taking away hope from the poor.
Again Bitcoin was designed to stand against such erratic legacy systems...
It’s not a surprise that this all seem like some coordinated FUD and many thanks to the media outlets, they have disseminated the worst headlines for their personal interest as they compete for attention, intensifying the magnitude of the noise.
The truth is non of this is a threat to Bitcoin, no institution has denounced the holding of it or selling it, irrespective....Bitcoin is still the greatest currency ever designed, as the FUD keeps going round and shaking people off, some are buying it up. I’m upset that I have no fiat reserves, we might be seeing some epic recovery in few weeks or months to come.
What are you doing? Im grinding...
Interesting sources