Logical Inconsistency with Energy FUD
An argument I haven’t heard countering the bitcoin mining FUD towards the use of energy is the fact of how much energy data centers and servers use to enable the internet. Energy has to be expended to upload, store and stream content and no one thinks twice about it. For example in 2020, 500 hours of content was uploaded to YouTube a minute! Now what about the rest of the internet? The knaves demonize PoW under the guise of climate change. In doing so they fail to understand (using their logic) servers and data centers in the U.S. alone consume about 2% of total energy. As of April 2022, U.S. energy sources consisted of the following; 36% petroleum, 32% nat gas, 12% renewable, 11% coal and 8% nuclear. Meaning 79% of the internets total energy is sourced by burning hydrocarbons. I see two logical inconsistencies with the energy mining FUD. First, most people perpetuating it don’t appreciate the utility of the decentralized payment system. Do I enjoy 99.99% of what is uploaded on YT, absolutely not. Yet, I still find utility by being able to watch/listen to the 0.01% of content on YT that I do find enjoyment from. That doesn’t mean I should demonize YT or demand it should be shut down because I have so little utility in the rest of the system. Second, people don’t understand energy generation, transmission and distribution or consumption for that matter. I myself fell victim to clickbait news articles about how bad fossil fuels are and how possible clean energy is before I started working in energy then you see how important to life that 80% fossil fuel is. Clean energy is possible but a LOT of human calories are needed to get us there.
Lightning slowly reached 5k BTC locked !!! Amount locked growth is inversely correlated with BTC price (-71.25%) ?!?! Addresses that HODl more than 1K USD worth of bitcoin in the past year on the decline (77.18% price correlation).
Total BTC amount locked by the existing channels on the Lightning Network.
British citizens seek safety in BTC as central banks lose faith in them. – cryptowiky
Bitcoin is a convenient method of payment and a reliable store of money for many fans. It is becoming more and more popular, particularly in developing
Technology: University of New Mexico researchers find Bitcoin mining is environmentally unsustainable
Taken as a share of the market price, the climate change impacts of mining the digital cryptocurrency Bitcoin is more comparable to the impacts of extracting and refining crude oil than mining gold, according to an analysis published in Scientific Reports by researchers at The University of New Mexico. The authors suggest that rather than being considered akin to ‘digital gold’, Bitcoin should instead be compared to much more energy-intensive products such as beef, natural gas, and crude oil.