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0 sats \ 5 replies \ @mallardshead OP 15 Sep 2023 \ parent \ on: Fossil Fuels are Fiat Energy. Reorg of the mining space coming ⚒️ bitcoin
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Intermittent and unreliable power sources requiring massive government subsidies paired with expensive and environmentally devastating energy storage systems are the cheapest form of energy per kWh, brought to you by Pfizer
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Why do you think bitcoin hashpower keeps setting global records even when the BTC price has collapsed 70% from its peak?
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Oh maybe I misunderstood. If you are saying that solar and wind are the cheapest per kWh from a bitcoin miners perspective, that is probably true.
But in that case, it's only because of malinvestment as a result of subsidies and cost benefit analyses that obscure the trade-offs being made in terms of reliability and other factors.
I do agree that this trend is likely to continue in the short-medium term.
But I would just argue that this malinvestment is the fiat trend, not fossil fuels.
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I'd suggest looking over the storied history of fossil fuel subsidies @anon, then consider its many wars requiring its own subsidy set, add up all its ecological disasters from spills, explosions, contaminations, smog, and leaks, then check out the global geographical footprint of it wells, mines and fields, then take inventory of the infrastructure needed to support it from tankers, refineries, pipelines, platforms, and consider everything that goes into manually getting gasoline to your gas station. This is to say nothing of the small group controlling most of it all. Standard Oil was once BP, Amoco, Exxon, and Chevron, before the anti-trust case. They also controlled all the logistics infrastructure. Anti-trust never happened in the Middle-East, in Russia, and elsewhere. Bitcoin and green energy are coming for these dinosaurs.
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Because of the reasons you listed :) they fund their growth with debt thinking btc will go up forever. It's the same reason microstrategy bought btc with debt. They think btc will go up forever and they can't lose.
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