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(1) that assumes that all PoW miners will gravitate towards renewable resources and there isn't much evidence that his occurring (yet) (2) the scenario above still doesn't factor in the tremendous e-waste generated from millions of single-use ASIC systems with ~12 month lifecycle
Renewable is displacement. Renewable used by bitcoin network is still renewable not used by more necessary everyday infrastructure. Since traditional global energy consumption is still going up, that ensures demand for fossil continues to increase.
