Bitcoin mining is only profitable when using cheap electricity. Electricity with a carbon footprint is rarely profitable in bitcoin mining.

Bitcoin mining operations are typically located in remote areas that have an abundance of cheap energy, typically hydro, but are too remote for that electricity to be transmitted to cities. In other words, the electricity would be wasted otherwise which is why it’s so cheap.

Bitcoin and other crypto are trying to replace centralized finance which is a massively inefficient industry that dwarfs crypto in terms of energy usage and most of that energy is not clean energy. This is energy being consumed in areas where electricity is high demand, like cities.

Ask yourself who has the most to lose from blockchain decentralized finance replacing our current archaic centralized finance system? Then ask yourself who is paying for this smear campaign against bitcoin? They are brainwashing and exploiting environments to take up this cause on their behalf. Don’t fall for it.

submitted by /u/Nuck16
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Source and link to Reddit topic: Bitcoin Energy Use Myths Debunked

Author: Reddit.com