Bitcoin

Bitcoin refugees in sweden

Will Bitcoin Destroy the World? Bitcoin refugees in sweden have to admit that I don’t understand bitcoin.

Go ahead: read the Wikipedia entry for how bitcoins are ‘mined’ and see if you can understand it. I have to admit that I don’t understand bitcoin. Bitcoin is slowing the effort to achieve a rapid transition away from fossil fuels. What’s more, this is just the beginning.

Given its rapidly growing climate footprint, bitcoin is a malignant development, and it’s getting worse. And miners are constantly installing more and faster computers. In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses.

Of course this is just the kind of ludicrous projection that environmentalists would swallow, though if it is remotely true it heralds a dotcom-style bust for bitcoin in the not too distant future. This will have changed some with the decline of coal and rise of natural gas, but not by that much. I suspect Al Gore gets indigestion. JOHN adds: I don’t understand bitcoin either.

Is Obama as shallow as he seems? Arise and take our stand for freedom as in the olden time. Proclaim Liberty throughout All the land unto All the Inhabitants Thereof. 2014 by Power Line and respective authors.

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