Bhutan, the small Himalayan kingdom, has been quietly accumulating and mining Bitcoin since April 2019. The country of less than 800,000 people is leveraging its abundant hydroelectric power to power its Bitcoin mining operations. Known for its focus on “Gross National Happiness” and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential, which accounts for 30% of its gross domestic product.
According to an exposé in local Bhutanese news and inquiries from Forbes, Bhutanese officials have confirmed that mining began when the price of Bitcoin was around $5,000 in April 2019. The price per Bitcoin has since soared to roughly $28,000 per coin at the time of writing. While the scale of Bhutan’s mining operations remains a mystery, some Druk Holding and Investments (DHI) employees have listed “crypto mining” as their tasks and skills on their LinkedIn profiles.
It is worth noting that the state-owned holding company DHI has invested millions of dollars in cryptocurrency holdings, with the funds managed on behalf of its people. The government is reportedly exploring partnerships to expand its mining operations further. One such partnership is with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer’s mining capacity by about 12%.
It is unclear why the government chose not to disclose this project to its citizens or international partners. However, Bhutan’s focus on green energy and sustainability makes it an ideal destination for mining Bitcoin. Bitcoin mining is the world’s cleanest industry, with more than 50% of its energy sources being renewable or clean energy. Due to cheap, abundant hydroelectric power, DHI reported that Bhutan is an ideal destination for mining Bitcoin.
Bhutan adds to a long list of regions from East Africa to Scandinavia mining Bitcoin with hydropower, one of the cheapest clean energy sources. The country’s commitment to green energy and sustainability is commendable, and it sets an excellent example for other countries looking to adopt Bitcoin mining. With its vast hydroelectric potential, Bhutan has the potential to become a significant player in the Bitcoin mining industry.
In efforts to make Bitcoin (BTC) mining more environmentally friendly, Tesla, Blockstream, and Jack Dorsey-owned Block, formerly Square, have teamed up to power a mining facility with solar energy, according to CNBC. Meanwhile, Elon Musk, the biggest shareholder of Twitter decides not to join the board of Twitter, says CEO Parag Agrawal.
Musk-led Telsa utilizes a 3.8 megawatts (MW) solar PV array and a 12 megawatt-hour (MWh) Megapack, the Bitcoin mining facility in Texas, which is expected to be completed construction later this year, will be propelled by 30 Petahashes per second of mining hardware using 100% solar energy.
Megapack is a robust lithium-ion battery developed by Tesla that offers energy support and storage.
Adam Back, a British cryptographer and the co-founder and CEO of Blockstream, noted:
“This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”
Tracking the project using an open dashboard
Back said:
“People like to debate about the different factors to do with bitcoin mining. We figured, let’s just prove it. Have an open dashboard so people can play along, maybe it can inform other players to participate.”
The dashboard will be open to the public, showing the real-time performance of the project, including total Bitcoin mined and power output.
Meanwhile, Blockstream will be responsible for the mining infrastructure and oversee the project.
As Texas State enjoys sufficient solar and wind energy, it is emerging as an ideal location for Bitcoin miners.
Back confirmed that wind power will be added to the expand the scale of Bitcoin mining if the project is profitable. He stated:
“You’re making a sort of calculation of the optimal economic mix between solar and battery. There’s 3.8 megawatts of solar and one megawatt of mining, so you can see you have to overprovision, because the peak solar input varies during the day and, of course, it’s not there at night.”
Incorporating wind energy would minimize overall costs by balancing solar’s downtime.
Neil Jorgensen, Block’s global ESG lead, noted the project would be a stepping stone toward using renewable energy in BTC mining. He noted:
“By collaborating on this full-stack, 100% solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate bitcoin’s synergy with renewables.”
Meanwhile, ExxonMobil, an oil and energy giant, recently announced the launch of a pilot program to convert excess natural gas into energy that powered mobile generators to mine Bitcoin.
Elon Musk gives up to join Twitter’s board
On the other hand, days after Elon Musk, the CEO of Tesla Inc. and SpaceX, attained a 9.2% ownership stake of Twitter and was appointed a member of the board of directors, he decided to abandon plans to be part of the board in Twitter. Nevertheless, Musk remains the largest shareholder of the social media giant.
Even Wikipedia fell for the environmental FUD surrounding Proof-Of-Work mining. A proposal to “stop accepting cryptocurrency donations” is currently under discussion. It starts with the same very thin arguments that the whole mainstream media irresponsibly uses. However, it gets better and more interesting. In general, it’s amazing to see both sides of the argument unfolding. Even though there might be some information suppression going on.
Related Reading | Human Rights Foundation Accepts Fully Open Source Bitcoin Donations
Well do our best to summarize the whole thing, but people interested in the topic should take time to read it all. It’s full of twists and turns. The most amazing thing about the document is that real people wrote it. Wikipedia editors are not a sample of the world’s population, but, they’re heterogeneous enough to make the discussion interesting.
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Wikipedia Falls For The Environmental FUD
The original proposal poses three problems with receiving cryptocurrency donations, but, in reality, we can summarize them all in the ESG FUD category. The three points are:
“Accepting cryptocurrency signals endorsement of the cryptocurrency space.”
“Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability.”
“We risk damaging our reputation by participating in this.”
It’s a shame that, to try to prove their points, the original author uses a questionable source and a discredited one.
“Bitcoin and Ethereum are the two most highly-used cryptocurrencies, and are both proof-of-work, using an enormous amount of energy. You can read more about Bitcoin’s environmental impact fromColumbiaorDigiconomist.”
Counterpoint: That Data Is Compromised
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Even though it’s widely cited, an “employee of the Dutch Central Bank” posing as a neutral journalist runs Digiconomist. That fact alone disqualifies him as a credible source. However, his datais also under questionbecause “Digiconomist Bitcoin Electricity Consumption Index is not being driven by real world metrics and profitability as stated in the methodology.” So, we’re dealing with an intellectually dishonest individual who’s presumably paid to attack the Bitcoin network.
For more information on this shady character, go to the section “The Digiconomist is Disinformation.”
The Columbia report is newer, but it cites outdated data and debunked studies. Like the ridiculous one that doesn’t understand how PoW scales, or even works, and irresponsibly claims that crypto-mining could raise the Earth’s temperature by two degrees. Columbia’s main source, though, is the “University of Cambridge analysis.” That same organization literally said that “There is currently little evidence suggesting that Bitcoin directly contributes to climate change.”
However, they suspiciously erased that part from their report. They changed the wording and nowtheir FAQjust contains a “radical thought experiment” in which “all this energy comes exclusively from coal.” Even under those extreme circumstances, which are far-far away from reality, the energy use would be marginal. “In this worst-case scenario, the Bitcoin network would be responsible for about 111 Mt (million metric tons) of carbon dioxide emissions1, accounting for roughly 0.35% of the world’s total yearly emissions.”
ETH price chart for 01/13/2022 on Poloniex | Source: ETH/USD on TradingView.com
Protecting The Process Or Information Suppression?
Under the whole thread, there’s a section called “Discussion moved from proposal section.” It contains several suppressed pro-cryptocurrencies arguments. The reason is that the accounts that made them had “no other editing records”. What do the people proposing that those opinions should be removed argue? That they “risk that both vote gaming and manipulation of discussion to introduce bias and fake “bitcoin” news.”
Coincidentally, those low-edit accounts are the ones bringing forward the information on how bogus the original poster’s sources are. Someone had to say it and they did. And the administrators removed them from the main thread. Is this really what Wikipedia is about.
Luckily, other Wikipedia contributors managed to say that “Bitcoin is therefore agreen energy stimulus, aligned with the Wikimedia Foundation’s commitment to environmental sustainability. “ Anotheruser urged “everyoneto understand more about Bitcoin as a whole package beyond its energy footprint (negligible when compared to the cost in oil and warfare of backing the US Dollar) as well as the continual exponential progress that has been made in making Bitcoin greener and greener.” Yet another one said “bitcoin core is a FLOSSproject attempting to promote monetary freedom.”
In any case, the crypto detractors trying to game the vote might have a point. Except for the ridiculous “fake “bitcoin” news” claim. The header of the discussion says, “this is not a majority vote, but instead a discussion among Wikimedia contributors”. And the administrator tells them that they can’t remove their opinions or votes. However, “an optimal RfC scenario would not actively silence any voices, but would allow community members to inform each other which participants are not community members, who may have alternative interests.” That’s fair.
What About The Votes? Is Wikipedia Banning Crypto Donations?
The vote doesn’t look good for crypto donations, but that doesn’t mean Wikipedia will ban them. At the time of writing, the “support” votes are approximately double than the “oppose” ones. Plus, roughly 150 Wikipedia persons have voted. Does this mean the ESG FUD worked and cast a shadow over the whole crypto space that will be hard to shake? Absolutely it does.
Related Reading | New Contender Emerges Despite Wikipedia’s Begrudging Listing of Cardano
It also means that people WANT to believe. And are not willing to accept the overwhelming evidence that points to PoW mining being a net positive for the environment.
Fortunately, Bitcoin doesn’t care. Tick tock, next block.
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Green energy powers most of Bitcoin mining and the world might as well face it. And the rest of the cryptocurrencies that use Proof-Of-Work might be right behind, because they follow the same incentives. In their quest for cheaper energy sources, they all reach the same conclusion. Humanity is wasting renewable energy all over the world. And wasted energy is the cheapest of them all.
In today’s story, a hydropower plant that had to pause operations for nine months found cryptocurrency mining and got the dream client they needed.Reuters gives usthe prelude to the story:
“The plant was forced to reinvent itself after 30 years because the government stopped buying electricity during the pandemic due to surplus power supply in the Central American country, where the state has a monopoly on energy distribution.”
How much green energy does a country has to have to just stop buying from a clean hydro plant? Well,according to hydropower.org:
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“At the end of 2016, Costa Rica reached a total installed hydropower capacity of 2.12 GW. The country dominated the headlines for the second consecutive year, achieving 100 per cent renewable electricity production for a total of 271 days.”
[embedded content]
How Did Crypto Mining Enter The Hydro Plant’s Picture?
Every talking head and their grandmas spread ESG FUD through traditional media. And that spills into social media, where everybody is oh-so-sure that crypto mining is boiling the oceans. Because of that, Eduardo Kooper, the owner of the plant, doubted going the crypto mining route. However, they just had to pivot. They tried other ventures, like making frozen food, and none of them work. There was no other choice.
“I was very skeptical at first, but we saw that this business consumes a lot of energy and we have a surplus.”
The hydroelectric company, with its three plants valued at $13.5 million and a three Megawatt capacity, invested $500,000 to venture into hosting digital mining computers.”
Why would miners move their operation to a hydro plant, though? Wouldn’t it be more comfortable doing it at home? They are heavily incentivized to look for the cheapest energy possible, that’s why. And green energy is renewable. Coal is not. The Reuters report quotes one of the hydropower plant’s satisfied customers:
“Installing it in this place is much more profitable than at home,” at almost half the cost, he calculated, after connecting his computer to the network at the river-powered plant.”
Business is business.
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BTC price chart for 01/12/2022 on OkCoin | Source: BTC/USD on TradingView.com
Green Energy And Crypto Mining, A Match Made In Heaven
We at NewsBTC have been telling you this. Bitcoin mining incentivizes the creation of green energy infrastructure. And it can finance green energy plants already in place. Mining provides both a buyer of first resort and a buyer of last resort.Three months ago, wewrote:
“Awhitepaperby the Bitcoin Clean Energy Initiative from earlier this year had explained how bitcoin mining, when using renewable energy, “is especially suited to accelerate the energy transition” towards a cleaner electricity grid.”
And two months ago, in an article onhow Bitcoin mining is helping the Navajo Nationin more ways than one, we told you:
“As the world is trying to phase out coal-powered energy, the Navajo innovate to keep up with the times. According to Walter Hasse, Navajo Tribal Utility Authority president, “I had excess electricity that I still had to pay for and deal with. Now, I want to build renewable energy to replace my lost coal resources that are throughout the nation. I need someone to consume that renewable energy resource.”
And with Bitcoin mining, they have that buyer. And now, the other PoW cryptocurrencies can follow Bitcoin’s example. In Costa Rica, the other side of the world, a power station manager reaches the same conclusion as the Navajo Tribal Utility Authority president. Quoting Reuters again:
“Kooper said international cryptocurrency miners are looking for clean, cheap energy and a stable internet connection, which Costa Rica has plenty of. However, he said Costa Rica’s government should be more aggressive about trying to attract more crypto mining business, although he gave no specifics.”
The Green Energy Future We Deserve
Proof-Of-Work mining is a net positive for the planet. It will lead us to the green energy future that humanity’s dreaming of. It’s the only industry that can do so. And the revolution is already well underway.
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Will the ESG FUD ever stop? As a Congressional subcommittee prepares to take a good look at Proof-Of-Work mining, “more than 70” national, international, state and local organizationswrote a letter to the “Congressional leadership.” In it, they use old and unreliable data to get their point across. They completely ignore all of 2021’s research and progress on the matter, because it would invalidate their argument.
The question is, will Congress buy their poorly researched, alarmist letter? The ESG FUD hit PoW mining like a ton of bricks in 2021. It might be based on a poor understanding of the subject at hand, but the public in general definitely bought it. And they quote the bogus numbers that their authorities invented left and right on social media.
Related Reading | Despite Crackdown, Bitcoin Mining Is Still Alive And Well In China
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Also, the whole argument completely ignores the main virtue of Bitcoin. The orange coin provides a framework and tools for the world’s transition to a disinflationary system. Paraphrasing “The Price Of Tomorrow’s” author Jeff Booth, in the inflationary system that we live in, there’s a clear incentive for consumption. If your money’s purchasing power decreases by the minute, everybody will logically buy, spend, and consume everything in sight. That is the real monster that the planet’s facing. And Bitcoin fixes it.
In any case, Bitcoin’s resident ESG FUD expert, Nic Carter, took it upon himself to reply to the ESG organizations that sent misinformation to Congress. Let’s see how each part did.
The ESG Organizations Make Their Point, Nic Carter Counterpoints
The ESG organizations come out swinging from the introduction on:
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“We, the more than 70 climate, economic, racial justice, business and local organizations, write to you today to urge Congress to take steps to mitigate the considerable contribution portions of the cryptocurrency markets are making to climate change and the resulting greenhouse gas (GHG) emissions, environmental, and climate justice impacts it will have.”
And their accuracies start from the get-go, also:
“In 2018, scientists writing in Nature warned that Bitcoin’s growth alone could singlehandedly push global emissions above 2 degrees Celsius within less than three decades.”
Those numbers are ridiculous. They “assume” a progression relative to the number of users of the network, and that’s simply not how Bitcoin works. Even if the whole planet adopted the Bitcoin standard, the network would still produce one block every ten minutes. Energy consumption is not directly related to the number of users.
What did Nic Carter respond? That the claim is “false, based on a debunked paper with a completely erroneous model of bitcoin.”
2. bitcoin’s energy consumption will ‘only get worse over time’
most likely will trail off over time, after peaking in the next decade (see https://t.co/8x0koM6nR9 for actually rigorous projections)
— nic carter (@nic__carter) January 6, 2022
Right after that, the ESG organizations even throw Ethereum under the bus:
“The Digiconomist’s Ethereum Energy Consumption Index estimates that the Ethereum blockchain will consume 71 terawatt-hours this year, nearly the same as the energy consumption of Colombia.”
Since the letter is about PoW mining, it makes sense. The Ethereum community seems to have completely ignored the letter, at least over at Twitter.
BTC price chart for 01/07/2021 on Bitstamp | Source: BTC/USD on TradingView.com
Bitcoin Incentivizes Green Energy Infrastructure
The ESG organizations continue their poorly-researched attack with:
“The GHG emissions from this exorbitant and unnecessary energy consumption is staggering.”
It’s not unnecessary at all. In fact, PoW mining is absolutely essential for a decentralized, permissionless system. And the energy consumption is directly proportional to the security of the network. Plus, it anchors it to the real world. Not to mention the fact that Bitcoin actuallyincentivizes and finances green energyinfrastructure.
Then, the ESG crowd accuses Bitcoin of “exacerbating” the global chip shortage:
“Increased demand for these machines are exacerbating a global shortage of semiconductors. A bipartisan bill by Senators Maggie Hassan and Joni Ernst has called for a report on how cryptocurrency mining operations are impacting semiconductor supply chains.“
With ease, Nic Carter counterattacks with: “Bitcoin miners are not tier 1 clients, they don’t compete with Apple/Qualcomm/NVIDIA for space; the shortage is due to money printing and the demand shock. See section on semishere.”
5. Atlas/ greenidge increased power prices in NY.
The Atlas mine brought back online a fallow coal plant (converted to natgas) which now provides energy to the grid (in addition to mining). That’s energy supplied to the grid which wasn’t being produced beforehand
— nic carter (@nic__carter) January 6, 2022
Texas Doesn’t Know What Its Doing, The ESG Crowd Does
Then, the ESG investigators make wild, unbacked assumptions about Texas power:
“Following a crackdown on cryptocurrency miners in China, many miners are moving to Texas, due to its deregulated grid, taking away the power that Texans need.”
This completely ignores the fact that the state of Texas has gone to great lengths to attract those miners. And that, unlike the ESG organizations that signed the infamous letter, power companies in Texas regularly attend Bitcoin meetings. They are making an effort to understand the technology and the opportunities it brings to them. Also, as Carter puts it, “Majority of mining is in west texas where transmission bottlenecks mean prices routinely go negative. Huge overcapacity and limited demand for power outside of mining.”
Miners also participate in demand response, meaning they aren’t online when the grid is overburdened. Their presence dramatically improves economics for renewables and does not compete with households during scarcity events.
— nic carter (@nic__carter) January 6, 2022
The state of Texas knows what it’s doing, they see Bitcoin’s future is bright. These ESG organizations think they know better, though:
“Adding more energy-guzzling crypto mining operations to Texas could exacerbate the sorts of blackouts the state already saw during the extreme cold in February — outages that reporting shows hit communities of color the hardest.”
Wow, playing the race card there. So low. And unrelated. Anyway, answering the claim that miners “could exacerbate” the February blackouts, Carter says. “Miners were/ would have been offline during this time, aswe demonstrate here. They also help alleviate ‘black start’ issues through primary frequency response.”
9. Stronghold mining with coal waste is bad (implied)
The coal waste was going to oxidize naturally. It was going to combust anyway. This is an incentive to clean up a nasty site leeching into groundwater etc. Neutral from a CO2 perspective and ++ from an ecology view
— nic carter (@nic__carter) January 6, 2022
Three Other Prominent Bitcoiners’ Response
Are these direct responses to the ESG organizations’ letter? It’s not clear, but the authors published them in the same timeframe. The first one refers to SHA256, the set of cryptographic hash functions that Bitcoin uses. Nunchuk founder Hugo Nguyen said, “Once you understand that SHA256 is close to being 100% efficient at what it does, you’d stop calling it a “waste”. In fact, 100% efficiency is the exact opposite of “waste”. There’s nothing else like it.”
Once you understand that SHA256 is close to being 100% efficient at what it does, you’d stop calling it a “waste”. In fact, 100% efficiency is the exact opposite of “waste”. There’s nothing else like it. https://t.co/SLuVrAPfU2
— Hugo Nguyen (@hugohanoi) January 7, 2022
For his part, Swan Bitcoin’s Brandon Quittem attacks the concept of energy consumption being inherently bad. “Energy consumption is directly correlated with GDP. Want to help developing countries? Help them harness more energy. Interestingly, Bitcoin acts as a free market subsidy for energy investment.”
3/ Energy consumption is directly correlated with GDP.
Want to help developing countries? Help them harness more energy.
Interestingly, Bitcoin acts as a free market subsidy for energy investment.
Incentivizes developing otherwise uneconomical energy sources. pic.twitter.com/DJ6yYoz6WO
— Brandon Quittem (@Bquittem) January 6, 2022
And Kraken’s Dan Held states that “Bitcoin’s energy consumption is not “wasteful.” Why? Because “It is much more efficient than existing financial systems.” And we’re talking orders of magnitude, here. Not only that, “No one has the moral authority to tell you what is a good or bad use of energy (ex: watching the Kardashians).”
1/ Bitcoin’s energy consumption is not “wasteful.”
– It is much more efficient than existing financial systems
– No one has the moral authority to tell you what is a good or bad use of energy (ex: watching the Kardashians)
Let’s debunk this FUD👇
— Dan Held (@danheld) January 6, 2022
Do you know how much energy American households use for their Christmas lights? As much as the whole Bitcoin network, that’s how much.
Related Reading | Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory
Where is the letter to Congress protesting Christmas lights, ESG organizations?
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Happy Holidays from the NewsBTC team. We come bearing gifts. The cure for those suffering from cryptocurrency withdrawal syndrome. Spend the evening learning about Bitcoin in the most relaxed way possible. These five films were released throughout 2021 and contain the alpha everyone needs for the years ahead. At least the first four do, the fifth one has nothing to do with Bitcoin except for one small detail.
Related Reading | The First Interactive NFT in the World – VR Movie on Mars
Our sister site Bitcoinist covered the films and most of the accompanying text comes from those articles. Is there a better time for these films to make an appearance in NewsBTC than this lazy evening? Grab your beverage of choice, heat up those leftovers, and hit play in the one that interests you the most. Chances are you’ll end up watching them all.
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Once again, happy holidays and happy watching!
Bitcoin Short #1- “This Machine Greens” (38 mins)
Is Bitcoin mining’s energy consumption a bug or a feature? This documentary’s “thesis is that the process is “a net positive for the environment.” The aim was to “dispels many of the misconceptions about Bitcoin mining.” Directed by Jamie King, of “Steal This Film” fame, and produced by Enrique Posner and Swan Bitcoin.
[embedded content]
From the Bitcoinist’s coverage, inPart 1they focus on the Petrodollar system:
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“Watch “This Machine Greens” to learn how the US Military literally backs the Petrodollar. And, of course, the US Military uses infinite energy year after year. Learn about the deal that the US made with Saudi Arabia. The US was to protect the Middle East. The Saudis promised that “The global oil market will be denominated in and conducted with dollars. Ensuring a constant global demand for the currency.” Think about the results of this crucial deal.”
From Bitcoinist’s coverage, inPart 2they explain how Bitcoin mining will fund green energy initiatives:
“According to Alex Gladstein, Bitcoin can fund the “Electrification of new areas and creation of new economic activity.“ This machine greens, if you will. And if we’re talking infrastructure for clean energy, Magdalena Gronowska breaks it down:
“It’s derisking constructions of renewable energy facilities. It’s derisking it because it’s willing to buy 24/7, 365. And when you have a predictable buyer, a predictable revenue stream, it’s easy to plan out your operations. And that certainty means that that site gets built.”
Bitcoin Short #2- “Human B” (73 mins)
This recent German documentary is one of the best introductions to Bitcoin produced to date. On top of that, directors Aaron Mucke and Eva Mühlenbäumer created a slick audiovisual piece that flows like a river and is an aesthetical pleasure to watch.
[embedded content]
InBitcoinist’s coverage of the documentary, they introduce it like this:
“Human B” shows us how people in Germany and Austria view the Bitcoin phenomenon. This is a worldwide movement, and it’s important to listen to all the voices out there. In the documentary, we get to hear from Bitcoin authors like Der Gigi and Anita Posch. From economist and punk rocker Marc Friedrich and journalist Friedemann Brenneis. Plus, from a normal person like Jan, who ends up being the star of the show.
The documentary takes a surprising left turn when it travels to Caracas, Venezuela. There, we hear from Alessandro Cecere AKA El Sultán del Bitcoin, and from Juan José Pinto from Doctorminer.”
#3- “Hard Money” (34 mins)
This one is not about Bitcoin per se. This Bitcoin short is about money. To understand why Bitcoin is so important for the planet, people might need a refresher course on what money actually is. This documentary is analogous to the first few chapters of Saifedean Ammous’ “The Bitcoin Standard,” and features sound bites from some of the most important Bitcoin philosophers out there. Directed by Richard James.
[embedded content]
InBitcoinist’s coverage of the film, they convince you to watch it with this:
“Watch the “Hard Money documentary and you’ll be able to answer these questions: Why was gold chosen as the premier form of hard currency? What were gold’s “severe flaws”? What is inflation and how does the government hide it? How breaking the relationship between the Dollar and gold broke the relationship between the market and reality. What is low and high time preference? What does fractional reserve banking create? Why are the institutions that issue debt effectively printing new money?”
BTC price chart on Bitbay | Source: BTC/USD on TradingView.com
Bitcoin Short #4- “Bitcoin Is Generational Wealth” (15 mins)
This one is not a documentary, even though it uses some of the genre’s techniques. Also, this is the only specimen on this list that didn’t get a positive review from Bitcoinist. Why is that? We won’t spoil it for you. Watch the film first and then read the linked text.Directed by Matt Hornick. Written and narrated by Tomer Strolight.
[embedded content]
InBitcoinist’s bad review of the film, we find this quote:
“Half speculative fiction, half predictive programming, “Bitcoin is Generational Wealth” is in a genre of its own. Using high-quality stock footage to produce a professional montage, the film should work. But it doesn’t. Is the script to blame? Probably. The film shows an idyllic future that every Bitcoiner has dreamt about, but it doesn’t explain how we get there. It takes the “Bitcoin fixes this” meme to its ridiculous extreme.”
#5- “Lynchpin” (21 mins)
This one is about amateur basketball. Its only link to Bitcoin is that Swan and the Bitcoin Movie Club financed and produced it. Is this the first of many or a one-time thing? Word on the street is that the companies will finance several chapters of this story, but don’t quote us on that. “Lynchpin” was supposed to be a TV show, so it sounds possible on that end. We’ll keep you all posted. Directed by Mike Nicoll.
[embedded content]
InBitcoinist’s presentation of the short film, they introduced it as follows:
“Compton Magic’s Etop Udo-Ema, “America’s most recognized basketball powerbroker,” is “Lynchpin’s” star. Before Covid hit, this charismatic man receives an offer that he can’t refuse. The whole short film follows him trying to change sponsors and create a league. That carries Etop to Roc Nation and its boss Jay Z, who happens to be Puma’s creative director. The whole enterprise seems to be on its right track. No one could predict the monkey wrench that hit the world’s engines.”
Related Reading | Miramax Sues Quentin Tarantino Over “Pulp Fiction” NFTs. Tarantino Moves Forward
And that’s enough Bitcoin for tonight. Happy holidays!
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Since the mass exodus of crypto mining operations out of China based on intensified crackdowns has triggered the urge for sustainable and environmentally friendly mining activities.
This is founded on ongoing projects by Bit Digital, Bitfarms, Marathon Digital Holdings, Riot Blockchain Inc., and EV Battery Technologies.
With 27,744 crypto miners under its watch, The U.S.-based Bitcoin mining company is eyeing zero-carbon emission sources in its mining system.
On the other hand, EV Battery Technologies, a blockchain and battery tech company, recently launched a commercial emission-free crypto mining solution dubbed Daymak Solar Tree. Furthermore, it collaborated with the Renewable Obligation Base energy economy for environmentally friendly initiatives in cryptocurrency mining.
Riot Blockchain Inc., another large-scale American Bitcoin mining company, also joined a controllable load resource program by the Electric Reliability Council of Texas, the state’s grid operator, to make mining sustainable.
In Central America, El Salvador’s decision to use volcano power to mine Bitcoin (BTC) was propelling the leading cryptocurrency’s quest to accelerate renewable energy development.
This move showcased that Bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, clean, and in some places, it makes use of a previously untapped resource.
Meanwhile, Bitcoin miners have been able to dust themselves off from the Chinese government’s suppression because the hashrate recently reached historic highs.
This has been made possible because the miners relocated to other areas like the United States, Kazakhstan, and Iraq.
Therefore, American miners have emerged among the largest beneficiaries, given that US-based pool Foundry recently generated the biggest share of issued Bitcoin.
With clean energy programs being rolled out, this approach enhances the narrative of making crypto mining green.
The mass exodus of crypto mining operations out of China based on intensified crackdowns has triggered the urge for sustainable and environmentally friendly mining activities.
This is founded on ongoing projects by Bit Digital, Bitfarms, Marathon Digital Holdings, Riot Blockchain Inc., and EV Battery Technologies.
With 27,744 crypto miners under its watch, The U.S.-based Bitcoin mining company is eyeing zero-carbon emission sources in its mining system.
On the other hand, EV Battery Technologies, a blockchain and battery tech company, recently launched a commercial emission-free crypto mining solution dubbed Daymak Solar Tree. Furthermore, it collaborated with the Renewable Obligation Base energy economy for environmentally friendly initiatives in cryptocurrency mining.
Riot Blockchain Inc., another large-scale American Bitcoin mining company, also joined a controllable load resource program by the Electric Reliability Council of Texas, the state’s grid operator, to make mining sustainable.
In Central America, El Salvador’s decision to use volcano power to mine Bitcoin (BTC) was propelling the leading cryptocurrency’s quest to accelerate renewable energy development.
This move showcased that Bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, clean, and in some places, it makes use of a previously untapped resource.
Meanwhile, Bitcoin miners have been able to dust themselves off from the Chinese government’s suppression because the hashrate recently reached historic highs.
This has been made possible because the miners relocated to other areas like the United States, Kazakhstan, and Iraq.
Therefore, American miners have emerged among the largest beneficiaries, given that US-based pool Foundry recently generated the biggest share of issued Bitcoin.
With clean energy programs being rolled out, this approach enhances the narrative of making crypto mining green.
