Hodl McGoo ⚡ on Nostr: Bitcoin miners are like diners at Old Country Buffet. They consume energy, just as ...
Bitcoin miners are like diners at Old Country Buffet. They consume energy, just as diners consume food from the buffet.
Power companies are like Old Country Buffet owners. They produce a lot electricity, just as restaurant owners prepare a lot of food everyday.
The difference is that power companies, like restaurant owners, overproduce by a massive margin becasue they have to. They then throw away all of the excess because it cannot be stored.
Stupid people like Elizabeth Warren want to punish the diners for consuming food instead of looking at the source of the waste: restaurant owners
Bitcoin miners can locate anywhere on the planet. They are incentivized financially to find the cheapest would-be waste energy available. They do not compete with residential customers for power because they cannot be profitable at residential rates. Instead, they scour the market for wasted energy which would have been used by no one.
They can even co-locate with new "renewable" power generation in remote locations and provide a revenue floor for them while transmission infrastructure is built out and residential and commercial demand ramps up. When rates rise, mining there becomes unprofitable and the miners leave.
Ironically, dumb politicians want to penalize or shut down Bitcoin mining, the best solution to the energy waste and renewable energy transition problem.
What can you do to help solve this problem?
Buy bitcoin and don't support stupid politicians.
Power companies are like Old Country Buffet owners. They produce a lot electricity, just as restaurant owners prepare a lot of food everyday.
The difference is that power companies, like restaurant owners, overproduce by a massive margin becasue they have to. They then throw away all of the excess because it cannot be stored.
Stupid people like Elizabeth Warren want to punish the diners for consuming food instead of looking at the source of the waste: restaurant owners
Bitcoin miners can locate anywhere on the planet. They are incentivized financially to find the cheapest would-be waste energy available. They do not compete with residential customers for power because they cannot be profitable at residential rates. Instead, they scour the market for wasted energy which would have been used by no one.
They can even co-locate with new "renewable" power generation in remote locations and provide a revenue floor for them while transmission infrastructure is built out and residential and commercial demand ramps up. When rates rise, mining there becomes unprofitable and the miners leave.
Ironically, dumb politicians want to penalize or shut down Bitcoin mining, the best solution to the energy waste and renewable energy transition problem.
What can you do to help solve this problem?
Buy bitcoin and don't support stupid politicians.