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What Are The Other Benefits of Bitcoin Mining?

What Are the Other Benefits of BTC Mining?

In this @pacificbitcoin panel, @gckaloudis moderates a discussion by @taylorbmonnig, @NateHawaii,">@NateHawaii @harry_sudock & @SGBarbour on how BTC mining can have societal & energy benefits.

Read our notes below 👇

What is Bitcoin mining?

@gckaloudis

It is the underpinning & financial infrastructure of the Bitcoin network.

How blocks are added to the blockchain.

How new Bitcoins are minted.

How effectively the transactions are sent. 1/

Mining is intimately tied to energy. 2/

In this panel discussion, there are two perspectives, the societal perspective (bitcoin mining should enable financial self-sovereignty & separate state from money) & the energy perspective (expand energy production & base load for grids) on how bitcoin mining can save the… 3/

…world. 4/

Societal Perspective

Q: How does Bitcoin mining help financial self-sovereignty?

@SGBarbour:">@SGBarbour Mining serves as censorship resistance & enables privacy, you cannot be surveilled. 5/

Q: You talked about Bitcoin as a superior monetary good that results in leaving a complex problem to the market, what do you mean by that? 6/

•Ability to utilize generation assets, transmission assets & delivery assets withing energy systems (useful surface area) grows much larger. 8/

Q: How exactly do big data center public miners enable self-sovereignty for ordinary people?

@taylorbmonnig:

•Tons of excess power was simply just going to waste in rural Georgia. 9/

•Have been able to utilize over 100 megawatts of power that provides over 50 jobs & introduce Bitcoin to the daily lives of the people along w/ millions of dollars of revenue for these small cities. 10/

Q: What are the things you are working on? In how can mining Bitcoin helps enable untapped energy sources so that we can get more energy that can save the world?

•When the energy goes up, bad things go down. 11/

@NateHawaii

•Mine Bitcoin in the middle of the ocean & there is no other way to get the electrons in any form back to land outside Bitcoin.

•Bitcoin can monetize energy by working with new energy types transporting value across the internet at the speed of light. 12/

•Plans to pump water on the top of the hill since the potential of the energy from it is more valuable than anything else we can figure it out. 14/

@taylorbmonnig

•· Bitcoin allows us to create energy in a new way but it also allows us to save energy creatively.

•· Bitcoin has advanced immersion cooling that can probably end up saving couple hundred thousand terawatts. 15/

Q: Can mining Bitcoin fix the U.S. grid?

@SGBarbour:">@SGBarbour

It is getting there. I think so. Found this thread useful?

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