TLDR: Bitcoin is consuming a great amount of energy, true. Most of the energy consumed however, did not exist from the map, ever, due to difficulties in delivery, before Bitcoin
Preface
We are coming from an angle of a company that deals with Bitcoin mining and have built / overseen the building of multiple facilities. The biggest argument by far that we encounter almost on a daily basis, is the concerns over the massive energy consumptions that the current mining activities are consuming. Here is our take on it:
When it comes to money, everyone gets creative
The biggest cost in any mining operation, is the electricity cost . To lower the cost, at least in the United States / Canada side, there are multiple tactics that are adopted by our industry, and almost all of them, is the opposite of what the media paints Bitcoin mining to be.
Surplus from existing grid / Decommissioned facilities
We usually target idled sub-stations that has existing power grid with some form of energy surplus that we can tap into. Idled sub-station can be found in either abandoned industrial towns, small towns that have shrunk in terms of population size, or sometimes simply in the middle of nowhere. The reason: much lower price.
So meaning, the energy consumed was already being delivered and not consumed, we are just eating the leftovers.
Hydro, Geothermal, Wind
Those are actually our preferred energy source. Stable, cheap (free provided by mother nature), and sustainable.
We love those as it lowers our costs by a lot. In fact my favorite site in our collection is a decommissioned hydro station that is revived by mining.
Flaring
Now this is by far the best rebuttal on carbon footprint. Flare gas is basically controlled burning of excess natural gas that is never going to be delivered and deployed into anything. The process happens on the excavation site. It produces energy and actually reduces the amount of methane gas that is being released to the atmosphere. Carbon neutral? No, it is essentially negative carbon footprint.
So, is there any miner operating on regular fossil fuel energy? Yes, but only as much as other industries.
Again, when people ask you whether it is worth it to consume a Finland / Belgium for magic money that didn’t exist, just tell them most of that “Finland” didn’t exist either.
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