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1 sat \ 2 replies \ @k00b 21 Feb 2022
Upvoting for discussion*
*I haven't had a chance to read it but upon skimming it seems to claim there are ways to offset Bitcoin mining externalities using some kind of green investing. At the very least it's a decent survey of failed attempts to offset mining externalities.
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11 sats \ 1 reply \ @nout 22 Feb 2022
I haven't read it either, but this topic was also covered in the pod with McCormack: https://bitcointv.com/w/evHScwgbuTjv736kp328y2
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100 sats \ 0 replies \ @mrldotsh OP 22 Feb 2022
I haven‘t read the Whitepaper myself yet and put it here for the same reason; for discussion because I find it very interesting.
As I understood it so far from the podcast (watched it yesterday), it is about green investing but not the kind we typically mean when we talk about this, i.e. planting X amount of trees to offset carbon output. It still is a good thing to do, but there‘s another way.
Green investing in this case means to invest in additional mining infrastructure that uses renewables or stranded energy. So, counter-intuitively, more mining to help the environment. Why more?
There are currently 900 BTC mined today on a given day. If more and more miners tap into that available pool of BTC then NgU. If NgU, then miners have more capital to invest in new mining hardware, which, results again in more miners tapping into that available pool of BTC -> NgU (a circle).
Another resulting effect: as the miners invest in „green mining“, they build out infrastructure which helps the overall energy grid. It gets greener and greener over time, more stable, and cheaper (which ends up driving out carbon intensive/less efficient energy sources through competition)… It helps to built the energy grid we need in the future (another circle).
So, all of this is very simplified and Troy does a way better job of explaining this in the podcast, but as I understood this topic, BTC lays out an incentive structure that leads to
- more BTC mining
- an energy grid we need for the future
Also, there‘s this calculator (https://green-bitcoin.vercel.app/) they‘ve created that calculates the % of „green BTC mining“ one needs to do „make their current BTC stack carbon neutral“.
I hope I’ve understood the general idea correctly and explained it here clearly enough. In any case, I suggest to watch the podcast as Troy does a way better job in explaining all this than I can.
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