As Bitcoin price hitting another ATH, people are still talk…

We always hear an argument saying Bitcoin consumes more energy than XYZ, therefore it’s inefficient. You have to look at two things in this argument:
1, What type of energy does Bitcoin is consumes?
2, Where would that energy go without Bitcoin?

To answer first question: as miner, our primary goal is to use cheapest electricity rate available, but it just happens to be that renewable energy(Hydro power) and other excessive/waste energy(similar to flare gas) are cheapest. Here is an example of this👇

In China, miners migrate to different regions based on season. During summer mining operations are mostly based in Sichuan & during winter it’s primarily based in XinJiang/Inner Mongolia. During rainy season, SiChuan produces Excessive Hydro power. Key words: EXCESSIVE & HYDRO.

The problem is winter, there is not enough rain, so miners needs to move to other regions such as XinJiang & Inner Mongolia, and these regions are currently producing more than 50% of their electricity through thermal energy, aka...burning coal. BUT👇

In 2021, 43.4% of the energy on XinJiang electricity grid was RENEWABLE, and expects to further increase in coming years.

2, During winter, miners purchases electricity through grid like other industries, and we don’t get to chose on what type of energy goes on Grid. That’s a policy decision. We try our best to chose locations with more renewable energy, and Intentionally or not, that is happening.

3, Currently Bitcoin mining accounts for only around 1% of electricity usage in areas like XinJiang & Inner Mongolia during winter.

Xinjiang has a massive energy production, and expects to further support over 20 other states in China.

4, Since we are using grid, here is a really important question, without Bitcoin mining, would it decrease region’s energy production capacity? The answer is most likely NO. The excessive energy would simply get transferred to other states or business. We have that infrastructure

To answer original questions, here is a summary:
1, Bitcoin miner primarily tries to use renewable excessive energy, because they are environmentally friendly & cheaper.

2, Bitcoin is probably one of MOST Environmentally friendly financial “industry”. Because we can migrate during seasons and maintain 100% renewable during summer and over 40% renewable during winter. Renewable rate will further increase soon. Can visa do that?

The above summary is based on situations in China, other regions such as Siberia, Iceland, Sweden, are probably close to 100% renewable. And I didn’t even mention how Bitcoin mining is helping to resolve flare gas issues.