The following is a direct excerpt from Marty’s Bent Problem #1203: “Do not hand in the frame. Power consumption is good.” Sign up for the newsletter here.
As you geeks may know, I believe many in the North American bitcoin mining industry are making a long-term strategic mistake in their attempts to mollify the world’s climate hysteria by pointing to the fact that many bitcoin miners use renewable energy and that this is the case will help phase out fossil fuels over time.
It’s true, many bitcoin miners take advantage of artificially low electricity prices fueled by massive subsidies to “green” energy sources like wind and solar in the US. The people who get these miners to bend the knee and trip over themselves collecting data and writing letters with a bunch of signatures from big industrial companies will never be satisfied. The mining industry could have a 100% “renewable” energy mix and the hysterics would find a way to move the goalposts. In fact, they’re already starting to do it.
While Peter is completely ignorant of the fact that bitcoin miners may literally be the only potential users of these “renewable” energy sources, facts don’t matter in the hysterical clown world these folks inhabit. It’s all about CONTROL. They cannot control bitcoin, so they will find every excuse in the book, no matter how illogical, to try to prevent bitcoin from succeeding.
By framing these hysterics and working to appease them, the bitcoin mining industry validates their nonsensical positions. Instead, we should work on owning the framework and building our framework on facts. And the facts are very simple. people are good. Increased energy expenditure correlates with increased human thriving. Hydrocarbons are an essential part of our future. And a bitcoin standard will make the world extremely energy efficient because of the incentives set under a sound money standard and the way bitcoin achieves that standard through proof of work with a difficulty adjustment.
Stop acting like a bunch of losers who have to ask permission to make the world a better place and start acting like a confident group that’s already doing the hard work that makes the world makes it a better place.
I had the pleasure of speaking this morning with Dr. Saifedean Ammous to discuss this topic at length. I urge you to listen to the conversation and think carefully about how detrimental it can be in the long run to give the frame to these people. It’s a massive waste of time.