#Bitcoin is the world’s first decentralized, secure, scarce, permissionless, energy money.
Nikola Tesla and Henry Ford imagined it 100+ years ago.
And guess what?
Energy money, by design, uses energy.
Lots of it.
It’s called proof of work. It’s fundamentally different than proof of stake fiat currencies and cryptocurrencies.
And its energy usage is a protective feature… not a bug.
#Bitcoin consumes lots of energy and is better money for a better world.
I would like to copy and paste this every time I hear that bitcoin isn’t backed by anything.
Right now energy is priced in dollars and sats are priced in dollars (for most), so mining is an arbitrage against the dollar. Spend x in dollars get x+ in sats value. What happens to energy prices when priced in bitcoin.
For example I read it would take solo miner 266,000 kWh to find a block (if ever) and might take 7 years. At $0.12 per kWh would be $31,920. At $46,000 Bitcoin that’s “profit” of ~14,000.
If priced in Bitcoin would the cost of energy equal that value of the network? Having a hard time wrapping my head around this.
