ISSUE #39: The Media lies about Bitcoin Mining, again.
They are literally reporting 180 degrees opposite of the truth.
The talks about Bitcoin being bad for the environment caught fire again. (If you want to know why you can read Letter #37).
This argument against Bitcoin is as old as Christ ( of course, metaphorically). It has been refuted so many times that it’s hard to even count them and many articles, podcasts, and videos have been uploaded on the Internet.
Little do they know that Bitcoin is the most effective way for oil and gas companies to cut off their emissions, and for renewable energy companies to make their businesses profitable.
The world has been pushing hard on the use of renewable energy. the main sources of renewable energy are solar and wind. But, there is a problem with the use of these sources of energy. The problem has a name – intermittency.
What does this mean?
It means that solar energy can only be produced only at a time when the sun is shining. Similarly, the production of wind energy is possible only when the wind is blowing. The sun shines the most during the afternoon and the least during the evening, which creates a supply and demand mismatch because energy demand is lower during the afternoon and highest during the evening.
If a solar or wind farm produces electricity when there is no demand, it gets wasted. They can’t let this happen, therefore, they have to reduce or even stop production even when they can operate at their full capacity. This leads to stress among businesses to remain profitable.
What, do you think, can solve this?
You got it. Bitcoin Fixes This.
How?
Bitcoin Miners are location agnostic, meaning that they can move anywhere to find the cheapest source of electricity. We have seen them using energy that nobody could use like GAS FLARES that are produced as a by-product during the production of oil.
When there is no demand for their electricity, solar farm owners can simply plug in the Bitcoin miners and mine Bitcoin instead. Doing this will bring revenue into their business, which is what they need. Correspondingly, when the demand arises for electricity, the miners can be easily turned off and the energy can be sent anywhere it’s needed.
The companies can then use their increased profits as an investment in better and more energy-efficient electricity storage devices. Bitcoin Mining can act as a subsidy for the renewable energy business.
When it comes to oil and gas companies, we recently saw how America’s largest oil-producing company - Exxon - uses Bitcoin mining to offset its emissions.
Don’t let anyone come to you and say, “Bitcoin destroys the Environment”. Are those people really environmentally friendly when they can’t see the obvious benefits of Bitcoin mining to the environment?
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