Frederick Bott
1 min readFeb 1, 2022

--

A detail you missed is that the proof of work mining algorithm is such that the miners with the cheapest source of electricity and lowest tax rates win the most coins, so an undisclosed amount of mining is done by off-grid solar farms created for the purpose, under the tax-radar of governments.
So, as a direct result of Bitcoin, more solar energy capacity exists because of Bitcoin than there would be without it, and in fact Bitcoin mining included in a solar installation makes it infinitely more attractive as a business.
Proof-of-work algorithms are actually the only known means of monetising solar, the only actual sourrce of energy, which we should be connected to, like the trees and all of nature but are not. Hence the environmental problems we see. Bitcoin is the main mechanism we see actually changing that, putting an end to our dependence on oil.
Bitcoin cannot be used to create debt, which in the end is a promise to extract energy from a finite source. In fact all debt is an energy deficit to our planet which can only be paid back by using actual live power from the only source of it, the sun, rather than by consuming any kind of fuel from Earth, that we didn't make first with solar.

--

--

Frederick Bott
Frederick Bott

Responses (2)