Read on Twitter
1/10
A thread on #Bitcoin
, and its contronversial energy consumption.
A waste of energy or a solution for stranded and cheap energy?
Let's debunk it
A Thread
@danheld @Breedlove22 @GAMdotAI @michael_saylor @GoingParabolic @crypto_birb @chamath @jack $BTC
A thread on #Bitcoin
, and its contronversial energy consumption. A waste of energy or a solution for stranded and cheap energy?
Let's debunk it
A Thread
@danheld @Breedlove22 @GAMdotAI @michael_saylor @GoingParabolic @crypto_birb @chamath @jack $BTC
2/10 The World Bank's Global Gas Flaring Reduction Partnership (GGFR) has published estimates from satellite data, which show that global gas flaring increased to 150 billion cubic meters (bcm) in 2019, around 1450 TWh.
https://www.worldbank.org/en/programs/gasflaringreduction#7
#GasFlaring #Bitcoin @GAMdotAI
https://www.worldbank.org/en/programs/gasflaringreduction#7
#GasFlaring #Bitcoin
@GAMdotAI
3/10 Oil & Gas producers flair gas because there is no viable economic alternative to do so. It is called stranded energy.
It is better to release carbon dioxyde than methan in the atmosphere, from a climate protection perspective (x20 to x100 times less impact).
It is better to release carbon dioxyde than methan in the atmosphere, from a climate protection perspective (x20 to x100 times less impact).
4/10 Oil & Gas producers have an enormous quantity of stranded energy on their hands, that nobody wants.
#Bitcoin comes in and changes everything. The mining process consumes energy to 1) Secure and validate transactions 2) produce new bitcoins in-line with its inflation policy.
#Bitcoin
comes in and changes everything. The mining process consumes energy to 1) Secure and validate transactions 2) produce new bitcoins in-line with its inflation policy.
5/10 #Bitcoin mining can be done anywhere in the world with an internet connection and electricity. The yearly energy consumption of the entire network is estimated to be around 76.87 TWh.
https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/
mining can be done anywhere in the world with an internet connection and electricity. The yearly energy consumption of the entire network is estimated to be around 76.87 TWh.https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/
6/10 Oil & Gas producers can now potentially tap in their free gas source to generate 363 TWh of electricity (1450 TWh * 25% gas turbine efficiency)
This is almost 5 TIMES the energy consumed by the whole #Bitcoin network.
This is almost 5 TIMES the energy consumed by the whole #Bitcoin
network.
7/10 The good news ? tt is already happenning https://twitter.com/GAMdotAI/status/1351148511329447940?s=20
8/10 What this thread shows is that #Bitcoin will seek any stranded energy around the world to increase the mining profitability.
Abundant forms of energy is also of interest for miners (geothermal in Iceland) https://www.euractiv.com/section/economy-jobs/news/how-iceland-became-the-bitcoin-miners-paradise/
will seek any stranded energy around the world to increase the mining profitability. Abundant forms of energy is also of interest for miners (geothermal in Iceland) https://www.euractiv.com/section/economy-jobs/news/how-iceland-became-the-bitcoin-miners-paradise/
9/10 #Bitcoin is in fact an energy market maker that will give a price tag on any stranded or abundance form of energy.
It is difficult for many people to grasp the change just yet. But it is a technological and financial breakthrough.
#Blockchain
is in fact an energy market maker that will give a price tag on any stranded or abundance form of energy.It is difficult for many people to grasp the change just yet. But it is a technological and financial breakthrough.
#Blockchain
10/10 Edging computing and decentralized computer Power are next on the list.
@Theta_Network is already looking for computing power to against disease such as COVID19.
#Blockchain is already changing the world.
$THETA https://medium.com/theta-network/theta-network-introduces-edge-compute-aiding-folding-homes-fight-against-covid-19-and-other-aac8742aeb12
@Theta_Network is already looking for computing power to against disease such as COVID19.
#Blockchain is already changing the world.
$THETA https://medium.com/theta-network/theta-network-introduces-edge-compute-aiding-folding-homes-fight-against-covid-19-and-other-aac8742aeb12
