If you want to annoy a Bitcoin fan, talk about the electricity cost of mining killing the planet.
El Salvador is showing why this is lie by using renewable volcano energy to generate electricity to power Bitcoin mining.
Whether the renewable energy source is volcano, or sun or wind or tides or geothermal geysers, the problem for most electricity is the same – how do you transport the energy to where it is needed? That problem is easily solved if the user of the electricity is Bitcoin mining – you simply install the Bitcoin mining gear next to the volcano (or sun or wind or tides or geothermal geyser). This applies to any data center not just Bitcoin mining. The truth that many in the West find unpalatable is that a lot of of the renewable energy sources (volcano, sun, wind, tides, geothermal geysers) are located in poorer countries in the Rest of the world. Think of solar energy in sub Saharan Africa.
Bitcoin mining is like the anchor tenant in a shopping mall, bringing in other entrepreneurs and investors who want a piece of Blockchain Economy.
Some subjects are too complex for our short attention spans, so we do 4 posts one week apart, each one short enough not to lose your attention but in aggregate doing justice to the complexity of the subject. Stay tuned by subscribing.
Some may not be published yet.
Daily Fintech’s original insight is made available to you for US$143 a year (which equates to $2.75 per week). $2.75 buys you a coffee (maybe), or the cost of a week’s subscription to the global Fintech blog – caffeine for the mind that could be worth $ millions.