Bitcoin mines could be used for energy storage | FT Tech
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- Опубліковано 21 сер 2023
- Bitcoin mining is extremely energy intensive, and bitcoin bashers have labelled the digital currency a climate villain. But as the FT’s Scott Chipolina reports, one novel strategy being looked at is using the mining as a form of energy storage, by converting stranded renewable energy into bitcoin.
#bitcoin #energy #cryptomining
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I'm frankly surprised and disappointed to see such a misleading title from the Financial Times. There's no storage here at all, just a different method of monetizing excess energy.
This is not 'storing' energy at all, this is just using the energy at a time of ample supply. In no way, shape or form is this a means of energy storage as it is impossible to convert the Bitcoin back into energy. I'd expect a bit better from an official FT channel.
It's a cool way of monetizing excess supply of renewables, though, I'll grant you that.
Agreed, title was misleading
Seriously.
The context which was not made clear, was that mining surplus energy is a way to store that excess energy USE as SOMETHING, that due to the immutable, disinflationary monetary policy in the protocol, should accrue spending power over a 4 year term. So the choice is "waste energy", or "waste energy but turn it into a global digital money with the best monetary policy, the most scientifically efficient way known to man". This is why bitcoin has to date, out performed every other asset class in human history. Unbeatable efficiency in the quest for energy input to produce monetary output. However, always do your own research before investing your hard earned wages. While bitcoin itself is not risky, you are risky if the volatility of it leaves you unable to pay bills, buy food and fuel. It is still algorithmically traded as if it were a high risk asset, when in fact it has no counterparty risk, just volatility when priced in dollar terms. Historically, the best time to accumulate bitcoin has been slow and steady in the year leading up to the next block reward halving, and that is now, hence this video and others like it are beginning to surface again..
bitcoin is stored energy , it is its value.
@@matthewjones7916 Maybe economic energy, but certainly not physical energy.
So you basically increase (local) demand for renewables by using that energy to mine bitcoin. You don't store the energy, you just increase demand, potentially making renewables more profitable.
The Emperor has no clothes.
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Very misleading title, its not a form of energy storage...
The fiat bugs have fooled you (and many of us) into thinking that money has no cost of production. Not so. Money = energy. Has to, otherwise it's a political abstraction. Scarcity in the digital realm is the break through here. The value of that scarcity allows for extra ("stored' if you like) renewable energy to be produced that otherwise wouldn't. Thank you Satoshi.
Fiat is the most polluting money. All debt-based systems are. They stimulate mass consumption as a result of high inflation and loss of purchasing power. They encourage the rat race among the citizens, it destroys their invested energy in their jobs. So Bitcoin is an energy saver if everyone is using it. Although it uses a lot of energy on its own, it saves much more energy elsewhere. Not only that, it encourages renewable energy sources without the need for subsidies from (inflated) paper money, reducing the need for taxes and saving people doubly from their rat race. It is a synergistic system. A money that saves energy and stimulates sustainable energy. A future with free time and energy. Bitcoin = peace and freedom.
sounds like common sense is finally prevailing around this subject.
Numpty consensus followers needed the nod from BlackRock et al
Gone mining in the Utopia ecosystem and I earn much more than I used to earn with a mining farm
You have to get out your box. Bitcoin is providing motivation and wealth to move our grids green. Much like EVs. Remember we are capitalist you pay you use as you desire. Don’t fall into the lefty trap of Governments dictating energy use. You really want that as it won’t stop at Bitcoin!!! Think how much revenue is coming in for this dream from Bitcoin mining. How we are motivated to go further faster. The irony of it will hit you. Get out the box!
It's interesting that the US is basically trying to ban cryptocurrency for such reasons but promoting AI that also uses a lot of power.
What in the name of all that is Holy does Bitcoin using excess renewables have to do with STORING renewable energy. What a deceptive and corrupt title you have given this little bit of click-bait.
Value = energy