Environmental Benefits of Bitcoin Over Gold #Environmental #Benefits #Bitcoin #Gold

Environmental Benefits of Bitcoin More than Gold

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  • karmacap Reply

    This story ran on NBC News last night and it covers the negative impacts of illegal gold mining in South America. Massive resources are being dedicated to repairing the damage of gold mining (including deforestation, water contamination, and carbon emissions).

    Bitcoin is constantly attacked by an ESG narrative. One key defense of bitcoin is that it can be mined in sustainable and environmentally friendly ways. Traditional gold mining is often much worse for the environment. This story includes examples of fossil fuels, contaminating substances and human military capital being used for the purpose of mining and/or preventing illegal mining from occurring.

    Looking to the future, Bitcoin can deliver a more sustainable and environmentally friendly store of value to our planet. Energy costs certainly exist, but they are worth it for the benefits delivered by bitcoin.

    September 21, 2022 at 7:15 pm
  • Fbastiat1850 Reply

    *Gold mining* has total life cycle emissions; physically mining, smelting, refining, transport, storage facility construction.

    *Bitcoin mining* has total life cycle emissions; hardware, electricity generation, facility construction, hardware recycling

    *Fiat creation* has emissions total life cycle emissions…

    But nothing holds a candle to the emissions that result from perverted fiat-inspired high time preference overconsumption resulting from unnaturally low, unnaturally suppressed interest rates

    ***(i.e. No incentive to save; Huge incentive to borrow and spend. How does that overconsumption impact the environment?).***

    Just as an aside, my niece is a college freshman taking an environmental course, and had to write about ‘how capitalism is horrible for the environment’. I described this concept, overconsumption via perverse incentives of government monopoly on money, explained how government causes environmental harm via money policy, and she didn’t think her professor would let her write about that. Well of course not! His bloated f’ing government subsidized college salary depends on him NOT understanding the concept.

    September 21, 2022 at 7:15 pm
  • olowo24 Reply

    Indeed…Bitcoin mining does have a considerable carbon footprint compared to gold mining.

    September 21, 2022 at 7:15 pm

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