Cryptocurrency: Its Energy/Carbon Far Less Than Costs of Legacy Financial System
https://www.youtube.com/watch?v=xWAwK2fHArc Crypto: No Regulators The entire Legacy Global Financial System, all the surrounding elements it consumes, including all the buildings, vehicles, shipping, legal system, markets, all its insane regulation, spyveillance, data storage selling, politic, etc... the whole ENTIRE system that Crypto will displace, all of it, all its elements, ALL IN NET TOTAL. Did you somehow think the Anti Cryptocurrency pro Bankster and authoritarian Govt regimes, that crypto will eventually deprecate, would actually calculate and tell you the truth about their all in net waste? Telling the truth is not in their survival and ruling interests. The truth will only hasten their demise. And once the green movement learns the truth they will jump in and help dismantle the wasteful Legacy Financial System even faster. Did you somehow think cryptos would never evolve more efficient algorithms, that eco-power would never cost less than pollution, that crypto capital would not move and grow and evolve and even deploy its own eco power generation, that once Legacy systems die off crypto's cost needed to displace them shrinks to maintenance mode, that the crypto sphere is not made up of highly moral people who care even more about the environment than the corrupt wasteful Legacy systems that crypto will replace? Think again. See the other threads, do the work to add up all the gigawatts, carbon tons, hectares, liters, etc that Legacy systems wastes and uses up. Look at the human costs, the wars, the misallocated resources that these Legacies have hands in perpetuating. The honest "all-in" analysts are right, the anti-crypto FUDsters are wrong. Even ARK, whose ETF structure will be DeFi'd, is among those getting the analysis right. Lots of honest all-in whitepapers on the Energy/Carbon topic are out there, with many more coming this year. Oppressing, taxing, regulating, middlemanning, defrauding, censoring, ruling people, corrupting, wars, and jailing freedom... costs $Trillions globally annually, and that you are forced to pay for, not only by their outright theft under threat of jail and death, but in the growing non-freedom outcomes. Liberation, voluntary societies, free markets, charity, and freedom, are far more efficient. A net win for all :) Crypto will win, and humanity will be freed from the legacy financial system (and its newly minted fraudulent nightmare, CBDC's). Don't ever let the FUDsters fade or stop your development, use, and adoption of distributed privacy enabled cryptocurrencies.
The 'Greening' Of Bitcoin: Will China's Forced Mining Exodus Crush Anti-ESG Case? China's crackdown on crypto may have a silver lining after all. While Beijing's bitcoin battering efforts - for myriad reasons including a lack of centralized control (translation: use our CBDC or else), a pathway for capital outflows (translation: use our CBDC or else), and the latest somewhat humorous "crypto does not meet China's carbon goals" - have, along with Elon's tweets, tamped down enthusiasm for the cryptocurrency; the perhaps unintended consequence of the actions of Musk (reversing his advocate position by highlighting the anti-ESG case) and China's regulatory crackdown (again) will be the 'greening' of crypto and inevitably enabling more progressive asset allocators to move reserves its way. "In recent days, crypto-currency trading has been too hot in China which attracted many individual investors. It's necessary that the government rolls out warnings in case any large risks materialize," Cao Yin, managing director of Digital Renaissance Foundation and a bitcoin investor, said. And it could be happening sooner than expected as China's Global Times (broadly considered Beijing's mouthpiece) reports that China's recent ban on bitcoin-related activity will reshape the landscape of the global mining industry and force more Chinese miners to migrate overseas, such as to the US. "Chinese miners account for over half of the global crypto network's processing power, and this will also weigh on the development of the global mining industry in the long run," the insider said. Some bitcoin mines use thermal power sources that can't pass the government's environmental impact assessments, and thus run counter to the country's carbon-neutrality goals, Cao said. But, as Global Times writes, according to Cao, some bitcoin mines in China are now ready to purchase carbon emissions quotas. The exodus started in 2017 but is now speeding up, as mines look for regions with cheaper electricity rates and more friendly policies. "It's possible that bitcoin mines may eventually move out of China, but production and exports of bitcoin mining machines won't stop in China because of market demands," Cao said. The rotation from relatively power-hungry Proof-of-Work currencies to less power-intensive Proof-of-Stake currencies remains but has lost some of its sheen recently... Circling back to where we started, China could be about to become bitcoin bulls' best friend... China is the bitcoin bears biggest friend: as long as bitcoin can be mined in China it is "dirty" Once China bans bitcoin mining there, the anti-ESG case collapse — zerohedge (@zerohedge) May 21, 2021 Of course, this all comes a day after Elon Musk and Michael Saylor "spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising." It wasn't immediately clear if any Chinese bitcoin miners are part of this organization - they should be, after all the dirtiest bitcoin mining takes place in China's infamous Xinjiang region - but it's a start, and if indeed we are about to see mining standardization, one which pushes more output to the US and other "clean" regions, this could be just the catalyst that eliminates the biggest ESG complaint against cryptos.
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