added by sari · updated 2y ago
Bitcoin as Battery – The Slow Hunch by Nick Grossman
- The narrative today is, overwhelmingly: crypto mining (specifically: Proof-of-Work mining for Bitcoin and Ethereum) is a dangerously large consumer of energy. Where I expect the narrative to move to over time is: crypto mining is driving the energy transition from fossil fuels to renewables.
from Bitcoin as Battery – The Slow Hunch by Nick Grossman by Nick Grossman
sari added 3y ago
- Crypto mining converts electricity into value, in the form of crypto assets (BTC, ETH, etc). Those assets, like the aluminum produced in Iceland, can then be moved, transferred and transformed. But unlike aluminum, which must be physically shipped to its final destination, crypto assets are programmable, and can move there instantly via an internet... See more
from Bitcoin as Battery – The Slow Hunch by Nick Grossman by Nick Grossman
sari added 3y ago
- So, if we think of Bitcoin as a battery, what can we do with it? The key properties of Bitcoin’s battery are: 1) always on and permissionless (no need to find customers, just plug and go) and 2) naturally seeking low-cost electricity: it will always buy when the price is right.
from Bitcoin as Battery – The Slow Hunch by Nick Grossman by Nick Grossman
sari added 3y ago
- Point is, we are still very early in the process of learning how to think about crypto networks, let alone what we can build with them.
from Bitcoin as Battery – The Slow Hunch by Nick Grossman by Nick Grossman
sari added 3y ago
- One area where I think we are going to see our conception of Crypto change dramatically over time is its relationship to energy.
from Bitcoin as Battery – The Slow Hunch by Nick Grossman by Nick Grossman
sari added 3y ago