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Daniel Batten

New all time high

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Bitcoin now uses 54.5% sustainable energy, the highest of any global industry

BoomTown 2y ago

“Sustainable energy” is a farce. Stop giving credibility to the climate narrative. Climate action is communism.

The only reason bitcoin mining uses wind and solar is because it is overbuilt due to subsidies. Bitcoiners trying to justify Bitcoin mining on the basis of how much wind and solar and hydro it uses is a bad look for bitcoin…in using subsidized energy, it is monetizing the capital allocation mistakes of the past, not monetizing “sustainable” energy.

Climate action is communism. Bitcoin fixes this.

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elsat 2y ago

nostr:npub13lkyycj8s3da6fhndtj0wd6s3s2ahmq86s7wrruvzd4tnc66cgfqn4lpsy makes money from “sustainable”. Good for him.

Daniel Batten 2y ago

There’s a bigger truth here. There’s $23Trillion currently locked up in ESG funds that can’t deploy into BTC until the environmental narrative shifts. A 1% deployment triples Bitcoin’s market cap. Like ETFs, what we think of esg, etf or any TLA is irrelevant. They are both rites of passage for bitcoin adoption.

BoomTown 2y ago

Not sure where you’re getting your number but also confident that no matter how bitcoin is defined it will not qualify for most ESG funds. They’re focused in incremental generation capacity or explicitly focused on development of certain technology (I.e. hydrogen, DAC). Bitcoin mining is coming in behind the bad investments to fix them but more than likely will not qualify for the mandates that the funds have defined in their investment documents.

Also, it’s worth starting to consider the difficulty adjustment, too. Bitcoin mining isn’t profitable in perpetuity…it is the most ruthlessly competitive business out there. With plenty of existing energy sources with a marginal production cost of near zero, there will be no sustained opportunity for incremental build out of new renewables on the back of Bitcoin mining. Money forward economics trump all-in economics every time.

elsat 2y ago

Get that money - good for you.

Btc will be fine without ESG money. ESG self-exclusion from Btc is a darwinian feature, and not a bug.

There is nothing sustainable about any energy gen that requires subsidies, tax incentives, and/or mandates to exist.

You seem like a smart gent.

I am sure you can figure out how to get money, while not compromising on the so-called “sustainable” category.

Why might this matter?

“Sustainable” labeling carries consequences.

See German farmers protests.

This is about the endless taxing, ever increasing energy costs, and regulations based on a false premise that do nothing but make life more expensive, Germany less food secure, and German businesses less competitive.