> I've heard so many times that it's renewable energy being used because it's so cheap.
It's a myth from the pro-cryptocurrency crowd.
With recent price spikes, mining is profitable even if you have to pay relative high prices for electricity. You don't need to have cheap energy.
Also, it's another myth that we have an abundance of hydroelectric power that would otherwise go to waste if not for Bitcoin. With modern power transmission it's trivial to send power through the grid to other locations, and nobody is building power plants in the middle of nowhere without a way to send that electricity somewhere else.
Finally, Bitcoin's power consumption is additive. Energy that goes into Bitcoin mining is energy that isn't being used to power cities and other infrastructure, which must still get its power from somewhere.
Don't believe the whitewashing campaigns to downplay Bitcoin's energy usage. It's very bad.
It's a myth from the pro-cryptocurrency crowd.
With recent price spikes, mining is profitable even if you have to pay relative high prices for electricity. You don't need to have cheap energy.
Also, it's another myth that we have an abundance of hydroelectric power that would otherwise go to waste if not for Bitcoin. With modern power transmission it's trivial to send power through the grid to other locations, and nobody is building power plants in the middle of nowhere without a way to send that electricity somewhere else.
Finally, Bitcoin's power consumption is additive. Energy that goes into Bitcoin mining is energy that isn't being used to power cities and other infrastructure, which must still get its power from somewhere.
Don't believe the whitewashing campaigns to downplay Bitcoin's energy usage. It's very bad.