Bitcoin Mining: Three Reasons Why Energy Consumption Rhetoric Is Pure Nonsense

[Ozark]

When they aren’t bashing Bitcoin as a bubble, nocoiners can usually be found trying desperately to prove how the activities of miners will bring about the end of the world. Here are three reasons why the energy consumption rhetoric is utter garbage.

THE GLOBAL ENERGY MISCONCEPTION

The pseudo-environmentalist brigade will have you believe that Bitcoin (BTC) $6599.43 -0.19% mining would be the death of the planet. Much of their arguments revolve around the energy consumption of data centers used for carrying out the complex mathematical computations needed to validate transactions on the blockchain.

The problem with these arguments is that they imagine the world as having a single energy grid as highlighted in a recent series of tweets by @nic_carter. To them, energy is a finite concept which means that Bitcoin miners are simply guzzling vast chunks of it to the detriment of other would-be users. More here.