In a prior article I discussed probability-based energy systems, how they can negatively impact the grid and how Bitcoin helps solve some of the problems associated with wind and solar power.
In this article, I would like to address the most frustrating critique that I hear all the time: Bitcoin is a waste of energy.
WHAT ELSE ARE YOU GOING TO DO WITH IT?
The fact is Bitcoin doesn’t use that much energy. The big brains at Harvard estimate that the Bitcoin network only consumes about 0.55% of global electricity production. Comparatively, it is estimated that 6-10% of electricity production is lost in transmission and distribution alone.
If Bitcoin used an order of magnitude more energy, it still wouldn’t be an issue. What most people don’t understand is that if you don’t use energy, you lose it, so what the hell are you going to do with it all anyways?
Actual batteries? Good luck with that. California plans to achieve carbon-neutral goals through extensive use of industrial-scale battery usage. This plan directly conflicts with its own goals, necessitating the mining of millions of tons of raw materials in order to produce said batteries. Furthermore, the goal only allows them to power about a million homes for four hours. To achieve their goal, it would require a battery capacity that exceeds current global capacity by five times. That’s a lot of batteries.
