There has been, on a consistent basis, environmental fear, uncertainty and doubt (FUD) in regards to the electricity consumption of bitcoin mining, since Bitcoin began. I pose that not only does Bitcoin not harm the environment, it is actually our best chance to save it. If we accept that our current environmental woes are the result of cheap credit, inflationary monetary tactics and lifestyles of overconsumption that are a result of fiat money, then we find a succinct solution in bitcoin.
Of course, I cannot help but cite Dr. Saifedean Ammous, who has written about the exact subject I reference in his book “The Bitcoin Standard,” “One of the key problems caused by a currency whose value is diminishing is that it negatively incentivizes saving for the future.”
What is the direct result of such a problem? Consumption must take here, and now, at an ever increasing rate. Given this parameter, would it not be expected that our world would quickly fill with junk? How can one necessitate constant expenditure without expecting to bear witness to the waste induced by needless consumption?
With all this being demanded of the world by the global economy, an increase in the cutting of corners so as to save costs should be expected. These cost-saving measures have been found to infect even the most important of industries, as evidenced by the Exxon Valdez oil spill.
According to the Wikipedia page for the spill, “Multiple factors have been identified as contributing to the incident:
- Exxon Shipping Company failed to supervise the master (ship’s captain) and provide a rested and sufficient crew for Exxon Valdez. The NTSB found this practice was widespread throughout the industry, prompting a safety recommendation to Exxon and to the industry.
- The third mate failed to properly maneuver the vessel, possibly due to fatigue or excessive workload.
- Exxon Shipping Company failed to properly maintain the Raytheon Collision Avoidance System (RAYCAS) radar, which, if functional,…