Bitcoin continues to attract a lot of attention for a variety of reasons from price volatility to environmental concerns through to its adoption as legal tender by entire countries. This morning sees the publication of a comprehensive magazine insert in the Guardian newspaper to coincide with the COP26 climate conference in Glasgow, UK. MyGreenPod has been advocating for environmentally sustainable solutions in modern life for many years now, and with the eyes of the world on COP26, this issue features the art of the possible in various areas from sustainable IT to greener products to educating on what net zero means for business.
With regard to bitcoin and the energy intensive nature of mining it, Hydro66 were pleased to participate with MyGreenPod in providing an accurate perspective on the common misunderstandings associated with the industry. The facts of the matter are pretty clear: bitcoin mining uses about 0.1% of the global primary energy budget. And the energy that bitcoin mining does use is overwhelmingly renewable, and frequently its using stranded power assets that would otherwise be wasted. For example, here at Hydro66 we use 7500x less CO2 than the average European datacenter.
If bitcoin mining was a country, it would be cleaner than any major country. Bitcoin mining is estimated to use a massive 58% renewable energy, comparing very favourably to the global average 21%, or even the EU at 43%.
But costs are only one side of the cost/benefit equation. Infrequently discussed in mainstream media commentary on bitcoin mining is the beneficial value proposition which bitcoin is trying to solve for. Namely, how to provide base layer money for the entire planet. An alternative to the petrodollar and other government issued paper and occasionally gold based monies we have today. With billions of people living in high or even hyperinflationary environments or living under repressive regimes, or unbanked, its easy for us privileged Westerners to overlook how a decentralised accessible sound money system can change billions of lives in an incorruptible, censor-proof way.
So please take a few moments to download and read the latest edition of MyGreenPod – Page 29 – Green Gold – A Fresh Perspective on Digital Currencies.