Is the Attack on Bitcoin Energy Usage a Sign of Privilege?

Bitcoin is being attacked for energy usage. It’s important to realize that this attack was not motivated by the environment, but instead it was motivated by those of traditional finance fearing bitcoin and trying to maintain their dominance and control. Bank of America is one of the prominent entities that have been attacking Bitcoin for energy even though they make massive loans to the Oil industry.

Bitcoin should actually be considered the model industry for the future. It’s an all electric industry that does not require the use of fossil fuels. It incentivizes miners to seek out the cheapest electricity which should never come from fossil fuels. The cheapest energy is that which would otherwise be wasted, such as stranded wind, solar, hydro and geothermal where the energy supply often is greater than the demand and would therefore otherwise be wasted. Coal generators, for example, rarely produce more electricity than is needed so there is rarely stranded electricity that would be sold cheap. The only way coal is the cheapest, is when local governments subsidize it, and that’s not bitcoins fault, its the fault of the people living in those jurisdictions for not pressuring their government to end dirty energy subsidies to miners. Bottom line is that as bitcoin mining becomes for competitive and cutthroat, energy usage will move steadily away from fossil fuels.

The real question is, is Bitcoin worth the energy it consumes?

Traditional finance and precious metals mining is of far greater harm to the environment. With the currency debasement that is going on right now, without crypto, which is seen as a liquid way to flee fiat currencies, the price of gold would skyrocket triggering a gold rush around the world that would have devastating impact on the environment.

Some of the biggest adopters of Bitcoin are the residents of African nations and countries like Venezuela that are controlled by oppressive regimes that either directly confiscate the wealth of its residents or do so by printing money until it’s worthless. To these people, Bitcoin is a game changer and is empowering beyond belief. It give them hope and a chance at prosperity. For those driving air conditioned Tesla’s in North America saying bitcoin is a waste of energy, that is evidence of their privilege.