musk jack argue incentivises energy

That’s not exactly true.What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

A trio of Jack Dorsey, Cathie Wood and Elon Musk are promoting the idea that Bitcoin mining can be good for the planet actually. That’s not exactly true.

Square says Bitcoin is key to green energy, contradicts Ripple co

Led by founder and CEO Jack Dorsey, Square says Bitcoin’s future is in green energy. And Tesla CEO Elon Musk agrees with this view.

Square says Bitcoin is key to green energy, contradicts Ripple co

Led by founder and CEO Jack Dorsey, Square says Bitcoin’s future is in green energy.


But their opinions are not shared with those more cynical about the cryptocurrency’s impact.Jack Dorsey and Elon Musk agree on bitcoin’s green credentials

But their opinions are not shared with those more cynical about the cryptocurrency’s impact.


What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

Jack Dorsey, Cathie Wood and Elon Musk are promoting idea that Bitcoin mining can be good for planet—but that’s not exactly true.

What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

Jack Dorsey, Cathie Wood and Elon Musk are promoting idea that Bitcoin mining can be good for planet—but that’s not exactly true.

What Elon Musk and Jack Dorsey Are Missing About Bitcoin and Green Energy

A trio of Jack Dorsey, Cathie Wood and Elon Musk are promoting the idea that Bitcoin mining can be good for the planet actually.

In a white paper published on Wednesday, Mr Dorsey’s payments company Square and cryptocurrency investor Ark Invest argued that Bitcoin miners are the “key” to increasing the world’s renewable energy capacity by making solar and wind power more lucrative.

Mr Dorsey retweeted the paper with the comment “Bitcoin incentivises renewable energy”, to which Mr Musk replied: “True.” Ark’s chief executive Cathie Wood said the research “debunk[s] the myth that Bitcoin mining is damaging the environment”.

But academics and analysts specialising in renewable power questioned those claims, warning that they relied on dubious assumptions or cautioning that many other technologies could achieve the same goal.

Lucas Davis, a senior professor at Berkeley’s Haas School of Business who studies energy markets, told the Telegraph: “This article vastly overstates the role of Bitcoin…


The cost of renewable power is plummeting and an increasing share of energy is being supplied by renewable electricity.

There are so many existing incentives that the International Energy Agency expects wind and solar to account for about 12% of electricity demand by 2030, up from 5% in 2019.

Wood says new research ideas – published in a paper by her Ark Investment Management and Dorsey’s Square Inc – “debunk the myth” that bitcoin mining is damaging the environment.

READ:Taxman has an eye on your crypto profits

On Twitter, Dorsey said bitcoin “incentivises renewable energy”. Musk responded: “True.”

But there’s still the fact that the mining devours massive amounts of power.

Entitled ‘Bitcoin as key to an abundant, clean energy future’, the paper argues that ‘bitcoin miners are unique energy buyers’, because they offer flexibility, pay in a cryptocurrency, and can be based anywhere with an internet connection. ‘By combining miners with renewables and storage projects, we believe it could improve the returns for project investors and developers, moving more solar and wind projects into profitable territory,’ it said.

Author and bitcoin critic David Gerard described the paper as a ‘cynical exercise in bitcoin greenwashing’.

‘The reality is: bitcoin runs on coal,’ he told the BBC….

Jack Dorsey, the co-founder and CEO of Twitter, tweeted Wednesday that bitcoin ‘incentivises renewable energy.’ And Elon Musk responded ‘True.’

The BBC adds that the tweets came ‘despite experts warning otherwise.’

The cyrptocurrency’s carbon footprint is as large as some of the world’s biggest cities, studies suggest. But Mr Dorsey claims that could change if bitcoin miners worked hand-in-hand with renewable energy firms.

One expert said it was a ‘cynical attempt to greenwash’ bitcoin. China, where more than two-thirds of power is from coal, accounts for more than 75% of bitcoin mining around the world…

The tweet comes soon after the release of a White Paper from Mr Dorsey’s digital payment services firm Square, and global asset management business ARK Invest.

Dorsey’s digital payment services company Square and global asset manegement firm ARK Invest have jointly released a white paper on “Bitcoin as Key to an Abundant, Clean Energy Future”.

In a tweet on Wednesday, Dorsey said: “Bitcoin incentivises renewable energy.”

Musk replied: “True,” after tweeting that starting next week,”Tesla Solar Panels and Solar Roof will only be sold as an integrated product ‘with’ Tesla Powerwall battery.

In the white paper, Square and ARK Invest said that “the energy asset owners of today can become the essential bitcoin miners of tomorrow”.

The ‘Bitcoin Clean Energy Initiative’ has developed a short research paper as a “starting point to share our vision for how bitcoin mining – in conjunction with renewable energy and storage – is especially well suited to accelerate

the energy transition”.

To complement this work, ARK Invest has contributed an open source model that demonstrates how bitcoin mining could augment these renewable + storage systems to supply a larger percentage of a grid’s base-load energy demand for comparable or lower cost unit economics.

“Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load, provide payout in a globally liquid cryptocurrency, and are completely location agnostic, requiring only an internet connection,” the paper read.

Bitcoin miners are an ideal complementary technology for renewables and storage.

“Combining generation with both storage and miners presents a better overall value proposition then building generation and storage alone,” the research paper noted.

Iceland’s biggest utility said that no one would build more power capacity just to feed bitcoin mining.

Pollution from mining bitcoin in China is expected to peak in 2024, releasing as much carbon dioxide as all of Italy, according to a study published this month in open access journal Nature Communications. And by using coal to generate most of its power, harmful carbon emissions keep going up.

There may also be better uses for renewable power than making bitcoin, including decarbonising existing energy demand that relies on burning fossil fuels.

As Teslas and other electric vehicles replace petrol and diesel cars, they will need a lot more electricity.

Other major polluting industries such as steelmaking, chemical production and aviation could also potentially use the cheap green power to make hydrogen.

The Centre for Alternative Finance at the University of Cambridge in the UK estimates that mining bitcoin uses more electricity than the Netherlands does in a year.

To further incentivise renewables, crypto miners could sign long-term agreements to buy green electricity. That’s what major companies like Amazon do to help cut their carbon footprint.

It has helped fuel a boom in renewable power assets in the US.

In their research, Ark and Square proposed that a renewable power project could be built without a grid connection just to power a bitcoin operation.

That would speed up development, but would also make the project riskier in the eyes of a lender as the grid connection might never materialise, making a development completely dependent on mining.

But part of the rapid decline in the price of renewables has also been thanks to cheap financing.

BUSINESSJack Dorsey, Cathie Wood and Elon Musk are promoting the idea that bitcoin mining could be good for the planet. This is not exactly true.

The basis of the idea is that mining cryptocurrencies uses a lot of power and can be deployed at any time.

That could help a developer make money mining coin at a time when there’s lots of wind or sunshine, but not much electricity demand.

Making better use of wind and solar power, where electricity generation can be intermittent, increases efficiency, lowers prices and helps encourage the green transition.

The theory is based on trends that are already happening, regardless of cryptocurrencies.

I don’t know how you’d assess the risk profile of a bitcoin mining operation. You want your offtaker to be around for 20 years, or at least 10.”

For now, lots of bitcoin are being produced by the most polluting source of electricity.

Research from the Centre for Alternative Finance shows that bitcoin mining is dominated by China, a country currently driving the boom in new coal power plants.

In the second quarter of last year (the latest data available), the world’s biggest polluter mined as much as 65% of the currency.

READ:How social media networks are used to lure people into investment fraud

By comparison, Iceland and other Nordic nations, once seen as a green haven for bitcoin, were producing less than 1% of the currency each.

Their traditional surplus of geothermal, hydro and wind power is rapidly shrinking.

Similar Posts:

Leave a comment