fb
X
X
Tired?
Unfocused?
Off your game?

Read our free Dr K report on how to optimize your mind and body so you can boost your focus when trading the markets.
YES, SEND ME THE REPORT !
NO, I'M NOT INTERESTED
Your email will always remain private.

Market Lab Report - Bitcoin’s Carbon Footprint vs. Elon

I've received numerous questions across multiple platforms.

Taking the 50,000 foot view, Elon is wrong but is probably intentionally wrong on bitcoin's energy consumption/carbon footprint since he just applied to the EPA so has to take a 'green' position. Tesla is seeking entry into the U.S. renewable fuel credit market. Elon is great at playing politics.

That said, a number of coal plants have gone back online to mine bitcoin which will increase bitcoin's carbon footprint. This naturally concerns Elon. Nevertheless, this would still be a small increase in the carbon footprint when taking into account the whole picture.

Bitcoin gives all human beings property rights while offsetting global inflation and currency devaluation. This not only decimates the tens of trillions of dollars in damage done each year by central banks, but the productivity gains are massive. The fossil fuel consumption issue is minuscule by comparison. And bitcoin wins there too.

Image 

I discussed this more fully in a piece I wrote in October 2020:

https://www.virtueofselfishinvesting.com/reports/view/crypto-report-10-10-19-bitcoins-energy-consumption-vs-fossil-fuels-vs-nuclear-power

and

https://www.virtueofselfishinvesting.com/faqs/answer/issues-with-decentralized-technologies-1-will-it-overtake-centralized-systems-2-bitcoins-energy-consumption

Here are some great recent summaries of why bitcoin's energy consumption actually creates less waste and a smaller carbon footprint compared to conventional methods. The first link below is the most recent and arguably relevantly detailed post:

https://twitter.com/dergigi/status/1392826448017346561?s=20 

https://twitter.com/SBF_Alameda/status/1392724490933575683?s=20 



Like what you read?
Let us help you make sense of these markets by signing up for our free Market Lab Reports:
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
FOR OUR FREE MARKET LAB REPORT :
Copyright ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing.
All Rights Reserved.
privacy policy