In the networking days of the 1990s, computer manufacturers sought to maximize the processing power of individual machines. The power of the digital network was something of a market externality, the happy byproduct of linking many powerful nodes. Now, however, the rise of artificial intelligence and cryptocurrency are driving a new demand for the... See more

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.

One area where I think we are going to see our conception of Crypto change dramatically over time is its relationship to energy.