Letter #8: We Represent The Bitcoin Mining Council
It goes without saying. Bitcoin critics will stop at nothing to make themselves heard and to try and turn a miracle like Bitcoin into an anathema.
So-called “nocoiners” have recently resurrected an argument against the energy usage of the Bitcoin network and it is common to hear them rail against the supposed destruction that Bitcoin is wreaking against the environment.
Bitcoin does use a lot of energy. And it’s likely true that some of the energy powering the Bitcoin network comes from sources, like coal and oil, that certain parts of society have decided have a less than positive impact. However, it is also true that much of Bitcoin’s energy comes from renewable sources like solar, wind, and hydro power. The mystery for some observers lies in determining how much energy is renewable and how much energy is “dirty”.