this post was submitted on 05 Dec 2023
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For your information, energy can be sold to the Bitcoin network for 0.05$ per kWh while it can also be sold to consumers/companies for between 0.10 to 0.30$ per kWh depending on the country. Energy producers sell to the highest offer, which is always consumers. Energy that goes into Bitcoin is energy that couldn't be sold to consumers because demand didn't meet offer. Energy cannot be stored in vast amounts so it would have been wasted otherwise. Yes a lot of energy goes into Bitcoin, but it's only because nothing else can be done with it
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