As most are well aware by now, Bitcoin is killing the planet. Tesla is widely derided for their Bitcoin purchase, while whataboutisms from Bitcoin holders are repeatedly shared on Twitter. Despite the whataboutisms claiming Bitcoin incentivises green energy, multiple coal plants reopening for Bitcoin mining (1)(2) seem to disagree with this statement. Bitcoin mining is helping slow down the transition to green alternatives by increasing revenue on gas mining (3)(4). In other countries, miners are getting access to cheap, clean energy, funded by the EU. Great news for the miners, bad news for the locals, the plant was supposed to help (5)(6). All in all, 61% of Bitcoin mining is powered by fossil fuels, famously leading to CO2 emissions equal to that of all 5 million of New Zealand\u2019s inhabitants and leading to many papers concluding, Bitcoin might push us over the brink.Through all this gloom we may forget that these Bitcoin miners do not necessarily enjoy polluting the planet. Miners mine Bitcoin because they are incentivized to do so, through fees paid and more importantly through mining rewards. These rewards amount to tens of millions of dollars per day. More importantly, these rewards increase linearly with Bitcoin prices (through block rewards) and exponentially with Bitcoin usage (through transaction fees).Increased rewards lead to further competition for these rewards, meaning additional miners entering, causing more pollution. In other words, every person or institution buying Bitcoin directly contributes to this pollution.Tesla\u2019s decision to put Bitcoin on its balance sheet pushed Bitcoin\u2019s price up, which made it more profitable for miners to mine Bitcoin, and therefore increased total mining emissions. To make the ridiculousness of Tesla\u2019s decision even more apparent \u2014 on average, a single Bitcoin transaction uses as much energy as driving 5000km in a Tesla does.Right now, this energy waste amounts\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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