Jack Dorsey led Square Inc along with Ark Investment released a White paper on Bitcoin’s growing influence on bringing renewable energy usage to the forefront. The white paper comes in the wake of growing controversy around the high energy consumption by the bitcoin network, which mostly ignores the fact that the majority of Bitcoin mining energy comes from clean renewable sources such as hydro, solar, and wind energy.
Jack Dorsey pointed that the Bitcoin network does not just use clean energy, it also incentivizes miners for doing so, thus promoting renewable energy usage for others and Elon Musk agrees with him.
— Elon Musk (@elonmusk) April 22, 2021
Bitcoin being an environmental hazard has already been debunked a couple of years ago by Robert Sharat, an environmentalist with the first-hand experience in modeling electricity systems and assets in the UK and China. However, the FUD keeps cropping up from time to time as the bubble narrative has died down. The majority of the biased claims can be retraced to one source: Alex de Vries, a twenty-something-year-old blogger who has zero knowledge of the electricity industry, power system modeling.
The fact that Tesla and Elon Musk who has pioneered the EV market holds bitcoin on their balance sheet and accepts it as payment also might give you a hint on why some of the well-known environmentalists have put their weight behind the top cryptocurrency.
Bitcoin Would Make Renewable Energy Usage Mainstream and Profitable
A majority of Bitcoin Energy consumption critics believe that the proof-of-work mining consensus waste all the electricity it consumes without any output. However, a majority of them fail to understand that the PoW provides the security and decentralization that makes Bitcoin the asset class it has become today.
The White paper released by Square and Ark Investment proposes a renewable ecosystem made out of solar/wind, batteries, and bitcoin mining to form a green grid that runs almost exclusively on renewable energy.
The Ark Investment group also proposed a proof-of-concept-based solar, battery, and Bitcoin mining system which is not just sustainable but even profitable for miners to use.
While most of the naysayers who point toward the high energy consumption of the Bitcoin network don’t understand how mining works, they also fail to point that gold and banking systems consume many times the energy of the BTC network.
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