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Does Bitcoin Mining Waste Energy?



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In this video, I discuss the energy usage of Bitcoin miners, and how they help both to balance the electrical grid, and to create additional demand for renewables.

Bitcoin mining currently accounts for only 0.27% of global energy consumption. In fact, Bitcoin mining uses less energy than residential air conditioners.

28-56% of Bitcoin energy consumption comes from renewables. By contrast, 12% of US energy consumption came from renewables in 2020. This is because Bitcoin mining machines (ASICs) are highly portable, and can be moved around to seek out the cheapest energy sources.

Bitcoin miners help to stabilize the electrical grid by providing flexible demand, and the ability to monetize otherwise wasted electricity.

Not investment advice! Consult a financial advisor.

Bitcoin Policy Institute on Bitcoin mining:
https://twitter.com/DavidZell_/status/1483561031964233729

Responding to Bitcoin energy FUD:
https://twitter.com/DarinFeinstein/status/1479882679172485121

House hearing on the energy impact of blockchains:
https://energycommerce.house.gov/committee-activity/hearings/hearing-on-cleaning-up-cryptocurrency-the-energy-impacts-of-blockchains

Illinois electric utility starts mining Bitcoin:
https://www.governing.com/next/illinois-electric-utility-mines-for-bitcoin-to-reduce-emissions

Texas has negative energy price events:
https://slate.com/business/2015/09/texas-electricity-goes-negative-wind-power-was-so-plentiful-one-night-that-producers-paid-the-state-to-take-it.html

How Bitcoin mining can help the Texas energy grid:
https://www.cnbc.com/2021/11/23/lancium-raises-150-million-for-renewable-run-bitcoin-mines-in-texas.html

Bitcoin energy FUD is always wrong:
https://www.newsweek.com/bitcoin-mining-track-consume-worlds-energy-2020-744036

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.

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#BitcoinMining

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Cryptocurrency Mining
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