Who’s going to put leftover coal to use powering the world’s most incredible financial network? Bitcoin, that’s who. Another day, another story about bitcoin mining actually protecting the environment in a practical way. This time we travel to the previously-abandoned Panther Creek Energy Facility in coal country, Pennsylvania. Stronghold Digital Mining purchased it and, besides mining, it’s using it to consume the leftover coal waste present in the state.
We are often told that the verification of bitcoin transactions eats a lot of energy. The largely inaccurate comparison to a small country, the size of Ireland or Denmark, is evoked thanks to numerous clickbait headlines. What mainstream media fails to explain, however, is that bitcoin mining is actually helping electricity producers prevent energy waste. Hydropower plants, for example, can generate and sell much more electricity during rainy seasons in some regions or when snow melts in others. Wastage can be mitigated through a symbiosis with bitcoin farms, at no additional cost for the environment.
The massive production and usage of tires and the difficulties to dispose off the waste tires once used is one of the most severe environmental problems in recent years worldwide. To reduce these waste tires people use direct burning as a conventional method, which creates pollution due to emissions of harmful gases; and disposing the […]
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In a handful of oil fields in the Great White North, natural gas, an otherwise wasted drilling by-product, is being put to work. But it’s not being used to well more oil; it’s being used to mine bitcoin.
“Bitcoin’s a great arbitrage mechanism for these companies. Anywhere you go, oil and gas producers are having issues,” Steve Barbour, founder of Canadian company Upstream Data, told Bitcoin Magazine.
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UK newspaper The Guardian has published outright warnings not to invest in Bitcoin or gold, describing them as a “waste of human investment energy.”
Bitcoin ‘Like Mr. Money Moustache’s Fingernail Clippings’
In an extensive post arguing that trust principles of fiat currency are superior to decentralized setups in many cryptocurrencies, the blogger known as ‘Mr. Money Moustache’ tells readers purchasing them is “collective insanity.”
The post reads:
People who think that there’s even a tiny chance bitcoin could become a world currency say it is severely undervalued. […] You could make the same argument about my fingernail clippings: they may have no intrinsic value, but they’re in limited supply so let’s use them as the new world currency.