Willy woo, a popular expert on Bitcoin, responds to the claims that bitcoin is bad for the environment and claims that a shift to renewables would require BTC mining to play a key role.
Moreover, he revealed that BTC miners would need to consume more energy rather than less to make a meaningful impact in the shift towards renewables.
Environmental Controversy Around Bitcoin Mining
Willy woo’s tweet was in response to a thread by Daniel Batten, another Bitcoin influencer. Batten believes that the criticisms against Bitcoin mining’s impact on the environment are a misconception that stems from the assumption that more consumption of energy is bad while less consumption is good.
According to Batten, any scalable renewable shift would require the need to generate at least 3 times more power. He introduces the concept of demand response which means a consumer who can be flexible in their energy usage by adjusting their demands. According to IEA, an accomplishment of net zero would require 10 times more demand response.
According to Batten, grid operators want more customers that can be flexible and can adjust their demands. He believes that bitcoin mining meets this criterion. Batten cited the examples of Texas Winter Storm and Summer Peak Demand in Texas when BTC miners shut off their operations due to grid operators’ requests.
BTC Mining Progress Towards Renewables
The bitcoin mining council’s second quarter survey revealed that the BTC mining industry has a sustainable electricity mix 0f 59.5%. This makes it the 5th year in a row when BTC mining has been dependent on renewables for over 50% of its power.
Michael Saylor, the CEO of MicroStrategy, who is a key player in the BMC stated that it is hard to find any industry that is cleaner or more efficient. Elon Musk, who suspended BTC payments from Tesla, also recently stated that bitcoin’s energy source has made considerable progress toward renewables. As a result, Tesla could restart BTC payments.
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