In which I take @Noahpinion to task on his takes on Bitcoin mininghttps://medium.com/@nic__carter/noahbjectivity-on-bitcoin-mining-2052226310cb …
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Last week, Noah published an article entitled Bitcoin Miners Are on a Path to Self-Destructionhttps://www.bloomberg.com/opinion/articles/2021-03-24/bitcoin-miners-are-on-a-path-to-self-destruction …
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Noah is generally reasonable on Bitcoin but his piece makes a few claims that I respond to - "unlike other financial assets, Bitcoin uses more resources as its price goes up" - Bitcoin "hogs local power resources" & "it remains to be seen" if stranded energy can support BTC
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- Bitcoin is partly responsible for the chip shortages by hogging all the space at the foundries (this one is particularly egregious) - PoS is a viable alternative to PoW - Mining bans are bad for miner, users, etc I respond to all of these.
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I relied on some world class analysts for the piece, in particular
@branninmcbee and@Leorzhang, and my pseudonymous friend who has chosen to go by Big Al (@BigAl65629023).@gladstein and@takenstheorem also chipped in with valuable feedback.1 reply 1 retweet 54 likesShow this thread -
This is the deepest dive I've ever done on stranded and surplus energy. TLDR there's enough floating around to power Bitcoin in full, today.https://medium.com/@nic__carter/noahbjectivity-on-bitcoin-mining-2052226310cb …
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as long as asics are expensive or limited supply they're not just going to use excess power, they'll probably just run baseload, except for superpeaks
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