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Save the environment, stop buying and promoting Bitcoin!

Save the environment, stop buying and promoting Bitcoin!
Mike “Mish” Shedlock'sMike “Mish” Shedlock'sSitka Pacific Capital Management,Llc

This post is a short rebuttal to one of the sillier Bitcoin Tweets of the day.

Please consider the following nonsensical idea that Bitcoin is somehow good for the environment.

"Bitcoiners are incentivized to upgrade the degrading electrical grid."

Silly for Two Reasons

  1. Upgrading the grid would do nothing to decrease energy consumption.
  2. Bitcoiners cannot do a damn thing about energy usage except by halting purchases and letting the price crash.

A price crash would drive more miners out of business, lower the hash rate, and reduce the energy consumption in mining.

I suggest a new battle cry: "Save the Environment, Stop Buying Bitcoin!"TM

What Determines the Price of Bitcoin

In case you missed it, please see Coin Telegraph Post On What Determines the Price of Bitcoin is Flawed

Author

Mike “Mish” Shedlock's

Mike “Mish” Shedlock's

Sitka Pacific Capital Management,Llc

Mike “Mish” Shedlock is a registered investment advisor for SitkaPacific Capital Management.

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