this post was submitted on 05 Dec 2023
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If nothing else it could have been turned into hydrogen, and there are a vast amount of industrial uses for cheap electricity. Pumped hydro has also been growing a lot recently, and simply delaying hydro use definitely has spare capacity in large parts of the world.
Moreover, all of that at least has some utility, where as spending enough electricity to literally drive an electric SUV from california to florida for every single transaction of a purely speculative asset doesn’t.
Yeah it could be but it's still quite challenging to implement so it takes time