Sunday Update: 23 April 2023
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Highlights
(2 min watch)
The WEF posted a video praising a start-up that harnesses otherwise stranded methane to power data centers. The Forum thus in principle agrees with incentivising on site neutralisation of methane. Bitcoin mining however more efficiently achieves this by virtue of its flexibility and portability, as well as its higher rates of return. The process is already funding new methane capture systems that otherwise would not be built because flaring is not economically beneficial enough to start such projects. Just like the important role data centers play today, the energy usage of Bitcoin mining is a small price to pay for the decentralised and censorship-resistant properties the network holds. The WEF-video does not mention Bitcoin, but the company's website does. Crusoe Energy contends that its Bitcoin mining system avoids as much as 2/3 of methane emissions that would occur if the gas were vented or flared.
(12 minute read)
A piece by Trey Walsh argues that Bitcoin's adoption is being hindered by the dominant culture associated with it, which is perceived to be leaning towards the political right. Although Bitcoin is a complex phenomenon with many nuances, it has been dominated in the US, at least in the context of the US, by those on the political right, including far-right wing, fringe ideologies, Libertarians and mainstream Republicans. Many prominent Bitcoin proponents and figures identify themselves with the political right, and this could potentially turn off marginalised groups that do not identify with the right, Walsh says. For Bitcoin adoption to grow, Bitcoiners must focus on the values and benefits of Bitcoin for everyone and build a diverse coalition of people fighting for a cause that our nation or world have ever seen.
