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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding
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To: DinoNavarre who wrote (7363)3/8/2021 1:43:35 AM
From: elmatador1 Recommendation

Recommended By
DinoNavarre

   of 13800
 
The other side of the Bitcoin-coin (excuse the pun): Viable #bitcoin mining requires a power price of below US6c per kWh, and the only country you can reliably get a price that cheap is China, which burns “some of the dirtiest coal you could imagine”.

The marginal cost of #miningbitcoin at current prices means that miners could spend over $20bn a year on the cheapest, dirtiest power. Inevitably, mining competition will bring the marginal cost up to the bitcoin market price, so the higher the price goes, the worse it is for the #environment and global productivity.

“Bitcoin is one of the world’s most significant and offensive #polluters,” the Gen Y investor says. “It emits significantly more #greenhousegas emissions than New Zealand, all for its pointless (and usually criminal) endeavours. “It’s one thing to pollute for a legitimate need like air travel, but quite another for the totally arbitrary programming logic of bitcoin that incentivises its miners.”

Bolton sees Elon Musk as a tremendous opportunist who has benefited from a wave of “green euphoria” sweeping across the world.


https://www.linkedin.com/posts/prof-theuns-pelser-932a7743_bitcoin-miningbitcoin-environment-activity-6774576177190313984-b_DB



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