Bitcoin

[2531usmc]

So you’re saying energy is needed to bring gold to the market and one would assume the price of gold would need to be high enough to pay for all the energy used to bring it there?

I know of a gas and mineral mining company that built and multi million dollar warehouse full of computers to mine for btc. They collect the off gases and transport them to the warehouse where the gases are used to run generators that power the miners. Before they did this the company had to pay for someone else to come and dispose of the unneeded energy and they had to pay taxes. Now they get a tax credit and they store that “unneeded energy” for future use in the form of btc. So people get paid to mine the gas, pump the gas, move the gas, run the miners etc… sounds like economic value to that area.

In Norway there is a large warehouse full of computers mining btc. These miners are powered by energy from hydro electric, the miners heat large fish drying facilities which are critical to the local economy, which provides value. They also get value from the btc mined , so double value.

These are just a few examples of value, there are many more. Just bc you don’t consider it an economic value to you personally doesn’t mean there isn’t economic and societal value to the people that do use it.

Generally a higher energy consumption of a country is associated to a higher GDP.


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So after you’ve consumed this energy, what do you have left? A software algorithm?