In this video, I discuss the recent New York Times hit piece on Bitcoin mining.
While focusing on the Texas ERCOT grid and demand response programs, the article fails to mention why anyone (especially the globally disenfranchised) might want or need a neutral and permission-less form of money like Bitcoin to begin with.
The NYT doesn't like Proof of Work, but fails to provide an alternate other than accepting the status quo of the US dollar being backed by Proof of War. Are Bitcoin mining rigs, or the US military, more responsible for ultimately generating carbon emissions?
Does Bitcoin mining waste energy?
No, it does not because:
1) Bitcoin mining rigs are incredibly energy efficient, and continue to get more energy efficient over time;
2) Bitcoin mining is a worthy use of energy, because Bitcoin provides a unique form of neutral and ethical money that cannot be captured, controlled, debased, or censored.
My biggest takeaway from the NYT article is that it's a really bad idea to politicize electricity. No one should be given the power to decide what is and what is not a worthy use of electricity.
If you still have a subscription to the New York Times, you are helping to fund propaganda against Bitcoin like this article.
Not investment advice! Consult a financial advisor.
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin #bitcoinmining #nytimes
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