Cryptocurrency: Greenpeace Libtards Hired by GovBankSoc Anti's to Screech and Lie About Bitcoin Energy
grarpamp at gmail.com
Thu Sep 15 20:58:35 PDT 2022
Screeching Lying Agents-of-Anti's Expose and Electrocute themselves...
Greenpeace Intensifies Campaign Against Bitcoin Following Ethereum's Merge
In addition to a $1 million ad budget, climate groups want to
influence institutions such as Fidelity and BlackRock to push Bitcoin
to switch from PoW to PoS.
Greenpeace and the Environmental Working Group have launched a $1
million smear campaign against Bitcoin following Ethereum's Merge to
The campaign has a petition urging Fidelity, BlackRock and others
to move Bitcoin away from PoW.
Opponents of Bitcoin need to understand how it actually works.
Greenpeace and the Environmental Working Group have intensified their
attack against Bitcoin’s proof-of-work (PoW) with a $1 million ad
campaign, per a press release.
The climate groups are pushing for institutions such as Fidelity,
BlackRock, Block and PayPal to influence the Bitcoin protocol. The
group's intentions are to have these institutions somehow help change
the consensus mechanism from PoW to proof-of-stake (PoS).
The intensification of an attack that began in March with the launch
of the “Change The Code, Not The Climate” campaign follows today’s
completion of the Merge, an event which changed the consensus
mechanism of Ethereum from PoW to PoS.
“Ethereum has shown it's possible to switch to an energy-efficient
protocol with far less climate, air and water pollution,” said Michael
Brune, director of the Change the Code, Not the Climate campaign.
However, one could argue that these climate groups are missing
something very important about Bitcoin. Not only is PoW the true
innovation and core to the successful functioning of Bitcoin, this
would not be the first occurrence of institutional and corporate
pressure to change the Bitcoin protocol.
Accordingly, the Block Size Wars saw many institutions arguing for
larger block sizes on the blockchain which would have led to the
centralization of nodes on the network, thereby lessening the
distributed network we see today. Attempts to centralize the network
ultimately failed as the decentralized network stood strong and an
upgrade known as SegWit allowed for necessary upgrades to block sizes
without centralizing the infrastructure of Bitcoin.
Furthermore, climate-based criticism of Bitcoin is becoming more
debunked by the day. In fact, yesterday the executive chairman for
pro-Bitcoin software analytics firm MicroStrategy published a paper
refuting many common accusations.
1. Bitcoin Energy Utilization: Bitcoin runs on stranded, excess
energy, generated at the edge of the grid, in places where there is no
other demand, at times when no one else needs the electricity. Retail
& commercial consumers of electricity in major population areas pay
5-10x more per kwH (10-20 cents per kwH) than bitcoin miners, who
should be thought of as wholesale consumers of energy (normally
budgeting 2-3 cents per kwH). The world produces more energy than it
needs, and approximately a third of this energy is wasted. The last 15
basis points of energy power the entire Bitcoin Network - this is the
least valued, cheapest margin of energy left after 99.85% of the
energy in the world is allocated to other uses.
2. Bitcoin vs. Other Industries: Bitcoin mining is the most
efficient, cleanest industrial use of electricity, and is improving
its energy efficiency at the fastest rate across any major industry.
Our metrics show ~59.5% of energy for bitcoin mining comes from
sustainable sources and energy efficiency improved 46% YoY. No other
industry comes close (consider planes, trains, automobiles,
healthcare, banking, construction, precious metals, etc.). The
bitcoin network keeps getting more energy efficient because of the
relentless improvement in the semiconductors (SHA-256 ASICs) that
power the bitcoin mining centers, combined with the halving of bitcoin
mining rewards every four years that is built into the protocol. This
results in a consistent 18-36% improvement year after year in energy
efficiency. More details on this are included in the BMC Presentation.
3. Bitcoin Value Creation & Energy Intensity: Approximately $4-5
billion in electricity is used to power & secure a network that is
worth $420 billion as of today, and settles $12 billion per day ($4
trillion per year). The value of the output is 100x the cost of the
energy input. This makes Bitcoin far less energy intensive than
Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy
intensive than traditional 20th century industries like airlines,
logistics, retail, hospitality, & agriculture.
4. Bitcoin vs. Other Cryptos: The only proven technique for
creating a digital commodity is Proof of Work (bitcoin mining)
deployed in a fair, equitable fashion (i.e. no pre-mine, no ICO, no
controlling foundation, no primary software development team, no
series of forced hard fork upgrades that materially change the
monetary protocol). If we remove the dedicated hardware (SHA-256
ASICs) and the dedicated energy that powers those mining rigs, we are
left with a network secured by proprietary software running on generic
computers. That places all security & control of the network in the
hands of a small group of software developers, who must create virtual
machines doing virtual work with virtual energy in a virtual world to
create virtual security. All attempts to date have resulted in a
digital asset that meets the definition of an investment contract
(i.e. digital security, not digital commodity). They all pass the
Howie test and therefore look more like equities than commodities.
Regulators & legal experts have noted on many occasions that Proof
of Stake networks are likely securities, not commodities, and we can
expect them to be treated as such over time. PoS Crypto Securities
may be appropriate for certain applications, but they are not suitable
to serve as global, open, fair money or a global open settlement
network. Therefore, it makes no sense to compare Proof of Stake
networks to Bitcoin. The creation of a digital commodity without an
issuer that serves as “digital gold” is an innovation (we have
accomplished this only once in the history of the world with Bitcoin).
The creation of a digital security or digital coupon on a shared
database is utterly ordinary (it has been done 20,000 times in the
crypto world, and 100,000+ times in the traditional world).
5. Bitcoin & Carbon Emissions: 99.92% of carbon emissions in the
world are due to industrial uses of energy other than bitcoin mining.
Bitcoin mining is neither the problem nor the solution to the
challenge of reducing carbon emissions. It is in fact a rounding
error and would hardly be noticed if it were not for the competitive
guerrilla marketing activities of other crypto promoters & lobbyists
that seek to focus negative attention on Proof of Work mining in order
to distract regulators, politicians, & the general public from the
inconvenient truth that Proof of Stake crypto assets are generally
unregistered securities trading on unregulated exchanges to the
detriment of the retail investing public.
6. Bitcoin & Environmental Benefits: There is an increasing
awareness that Bitcoin is quite beneficial to the environment because
it can be deployed to monetize stranded natural gas or methane gas
energy sources. Methane gas emissions' curtailment is particularly
compelling and Dan Batten (https://batcoinz.com/) has written some
impressive papers on this subject. It has also become clear that
energy grids that rely primarily on sustainable power sources like
wind, hydro, & solar can be unreliable at times due to lack of water,
sunlight, or wind. In this case, they need to be paired with a large
electricity consumer like a bitcoin miner in order to develop grid
resilience & finance the buildout of additional capacity necessary to
responsibly power major industrial/population centers. The recent
example of major Bitcoin energy curtailment on the ERCOT grid in Texas
is an example of the benefits of bitcoin mining to sustainable power
providers. No other industrial energy consumer is so well suited to
monetize excess power as well as curtail flexibly during periods of
energy shortfall & production volatility.
7. Bitcoin & Global Energy: Bitcoin maximalists believe that
Bitcoin is an instrument of economic empowerment for 8 billion people
around the world. This is supported by the ability of a bitcoin miner
to monetize any power source, anywhere, anytime, at any scale.
Bitcoin mining can bring a clean, profitable and modern industry that
generates hard currency to a remote location in the developing world,
connected only via satellite link. All that is needed is some excess
electricity generated from a waterfall, geothermal source, or
miscellaneous excess energy deposit. Google, Netflix, and Apple won’t
be setting up data centers in Central Africa that export services to
their wealthy western clients anytime soon due to constraints on
bandwidth, privacy, & requirements for consistent power flow, but
bitcoin miners are not hampered by these constraints. They can
utilize erratic power supplies with low bandwidth in remote locations
and generate valuable bitcoin without prejudice, just as if they were
in a suburb of NYC, LA, or SF. Even now, Bitcoin miners are
everywhere and will continue to spread (though Africa, Asia, South
America, etc.) wherever there is excess energy and anyone with
aspirations for a better life. Bitcoin is an egalitarian financial
asset offering financial inclusion to all, and bitcoin mining is an
egalitarian technology industry offering commercial inclusion to
anyone with the energy & engineering capability to operate a mining
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