It sounds weird but I have a very compelling reason why we need more Bitcoin mining to save the planet. Been carrying this thought around for a year, can't find anything that can refute it. Maybe it's simply true.
Discussion
Check out this website for some interesting thoughts on the topic from philosophers. They have a book coming out too! https://www.resistance.money/green/
I know this idea, it's very cool but I think it's a bit different from what my concern is.
In my case, it's not about how much energy Bitcoin uses or from which source the energy comes. I'm afraid of Bitcoin miners buying electricity someone else would buy.
The only two variables that are important here are the difficulty and the price.
The concept I am more interested here is that your additive mining pushes other miners out on the margin. Less about the actual energy source, but I think the two sort of go together especially in regards to waste energy. There is going to some amount of energy (determined by reward size and price) that will go to bitcoin. Also green energy is going to create periods of significant waste energy or variable costs. Overall we have so much of this “waste” energy that it should eventually drive margins toward 0, which pushes the higher margin miners out. Ergo, waste mining replaces mining with electricity that has value to people for other uses.
nostr:npub1n3sjlzmhpu8rl56umtptc4lua6zkretq2p82yhytnmlcuq639vlqd0te5l has described the “fixed” reward but increasing competition mechanism using the there will be blood “milkshake” analogy. I love it.
Exactly. This could be accelerated by investing specifically in green mining.
See also:
"Greening #Bitcoin with Incentive Offsets" by nostr:npub1n3sjlzmhpu8rl56umtptc4lua6zkretq2p82yhytnmlcuq639vlqd0te5l and nostr:npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7
