I refer in this article to some concepts that are taken to define and classify as "huge" the consumption that is associated with the mining of Bitcoin (BTC). I certainly believe that this has been and will continue to be the main argument that will be taken to disqualify an entire outgoing system in search of a financial balance. Without a doubt, this issue has been quite controversial and it is no coincidence that its greatest battle point was in the middle of the year 2017.
Now at this moment, this time period 2020 - 2021 where we are standing in new supports never experienced before, the issue of electricity comes to light and much more aggressive, of how this devastating conception that the BTC has still stands when in It doesn't really present a solid argument of value and it has no future. Beyond these meaningless definitions and arguments and a complete absence of systematic knowledge of BTC mining, we must focus our opinion on a starting point that manages to mitigate these ideas that only echo empty minds that do not seek meaning. in the cryptographic but they continue to trust the "system" that leads us to the cliff.
The truth is that I have read excellent articles that show, with numbers and facts, the sole presence of a factor that does not fit into the equation of contempt. They do not focus on the problem beyond what could be happening and fall in the line of comments against the BTC. Electricity generation is not born from green systems but is fed by fossil exploitation systems. Really, the ceased vision does not give to go beyond the horizon when it comes to BTC or any other crypto that is represented by PoW earthquakes.
I quote an excerpt from the Cointelegraf article by Gustavo Godoy where he synthesizes the key point of the smear analysis towards the BTC, stating "that if we are going to talk about industrial pollution, let's talk about industrial pollution. Let's talk about cement, metals, and the technology industry. But, beyond that, let's talk about electricity generation. That is the root of the problem: electricity generation with fossil fuels. "
We do not see criticism of other sectors that have consumed for decades without having a single criticism of their operation that incidentally does not contribute anything to the situation of many of us, but see the caricature that the banking system has become, for example. I can't help but read that the arguments are incredible, and especially of characters like Bill Gates or Warren Buffet, for example, who apparently made their fortune out of nothing, forgetting which branch all that money comes from.
Nor do we see much force in the criticisms that are directed at the mining sector for example. Gold, silver and diamonds are not born from trees or cultivated; the expansion caused by greed has marked an over-exploitation in the virgin lands of many countries. The mere presence of destructive agents makes this sector 1000 times worse.
The Center for Alternative Finance at the University of Cambridge (CCAF), "estimates that the total energy consumption of bitcoin is between 40 and 445 terawatt hours (TWh) per year, with a central estimate of approximately 130 terawatt hours." An approximate number, but, in my opinion, without a clarification of how the Bitcoin game theory system works, and that this also applies to mining. There is nothing left but to continue in the battle until demonstrating how valuable BTC and cryptocurrencies are in all their conception.
I leave the main references that I took for the elaboration of my opinion on the concept of energy overflow that is wanted to be associated with BTC. The links are a guide to reading the full articles.
- https://www.bbc.com/mundo/noticias-56144398
- https://www.dw.com/es/por-qu%C3%A9-el-bitcoin-necesita-m%C3%A1s-energ%C3%ADa-que-pa%C3%ADses-enteros/a-56590456
- https://es.cointelegraph.com/news/bitcoin-is-not-green-myth-or-reality
