A disaster movie with Bitcoin – When we think of Armageddon, we imagine more of a gigantic asteroid, a killer virus, or even a third nuclear war. But for some, the Apocalypse would come from our good old Bitcoin.
Bitcoin, this gadget that is useless and pollutes ball
“Bitcoin, environmental disaster” . Since the introduction of this bill Blog Stephen Diehl , programmer and environmentalist, we feel that we will get our money for catastrophism.
Entitled „The Crypto-Chernobyl“ , these lines are clear. Bitcoin should be treated as the embodiment of absolute evil that will inevitably ravage our planet. But before moving on to the ecological aspect, let’s see what our friend thinks of the flowers of the king of cryptocurrencies, from a purely technical and economic point of view :
“(…) Bitcoin is a computer protocol that provides a speculative digital pseudo-asset (…) It is not a currency. It is not a payment system. It is hardly used for making transactions. It does not support an economy. It is not correlated to anything And and it is not easy to know if there is even a meaningful way to assess its value. “
Bitcoin will consume the entire Earth
Also according to Stephen Diehl, Bitcoin „wasting“ energy because of its consensus by proof of work, the famous mining (mining) :
“Without regulation or control, these [mining farms] today consume the equivalent of the power of mid-sized states to run [the grid]. Today, it has just exceeded the energy consumption of Argentina, a country of 45 million inhabitants. “
Obviously, this is far from the only comparison the blogger has made, since he also claims that Bitcoin consumes, in a single year , the equivalent of 13 days of electricity from all the nuclear power plants on the planet.
The problem is, all of this doesn’t take into account the fact that much of the electricity used to mine Bitcoin comes from excess production . Therefore, if it were not put to use, it would simply be a waste. The reason ? This electricity is cheaper for BTC miners and would otherwise still be produced, but wasted.
Indeed, if a hydropower plant produces 100 MW and only 80 MW are used for local needs, the remaining 20 MW will be lost . The water spins the turbines, anyway, and the electricity can’t be stored (or very little). It is precisely where electricity is inexpensive that mining farms love to settle, especially in Sichuan province in China .
The Virunga example is further compelling evidence that Bitcoin can aid development in Africa and not only serve „to enrich a tiny group of insiders in advanced economies , “ as Diehl argues.
Indeed, in this remote part of Congo, the installation of five hydroelectric plants also contribute to help the local people as well as one of the largest parks in Africa … not just undermine bitcoins .