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Seeking Alpha
2021-06-11 23:58:16

Bitcoin: Elon's Pivot Is Not A Fatal Blow

Elon's cited concerns are either temporary in nature, or incite pessimistic interpretations, as with the Cambridge Bitcoin Electricity Consumption Index.Bitcoin is displacing applications and industries that consume magnitudes more in energy.Energy is getting cleaner at exponential rates, due to renewables like wind and solar reaching inflection points in cost versus gas and coal.Bitcoin miners are perfect customers for consuming excess capacity in solar and wind projects, therefore accelerating the transition to sustainable energy.High energy consumption is a necessary evil for highly secure proof of work cryptography.

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