Can Bitcoin Mining Save the Environment? with Troy Cross

 
 

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“Bitcoin is a perfect match for renewable energy, it helps monetize the build-out of renewable energy, it helps monetize the operation of renewable energy, it helps to stabilise the grid; and we need it to happen at a massive scale, a massive scale.”
— Troy Cross

SHOW DESCRIPTION

Location: San Francisco
Date: Tuesday 8th February
Project: Bitcoin Policy Institute
Role: Fellow

On both sides of the Atlantic, politicians and regulators are questioning the sustainability of Bitcoin mining. These positions knowingly or unknowingly use narratives and statistics that have been widely dispelled by authorities within our industry.

Bitcoin is cited as a major contributor to greenhouse gas emissions, ignoring the detrimental impact of the petrodollar and other institutionally accepted activities. Bitcoin transactions are disingenuously portrayed as being incredibly polluting; as Nic Carter stated “The question of Bitcoin’s energy footprint is riven with misconceptions.”

Usage of renewable power for Bitcoin mining is portrayed as being wasteful as though energy use is a zero-sum game, instead of Bitcoin being a flexible load facilitating increased investment and energy production.

Satoshi Nakamoto even foresaw energy use as being an issue. In August 2010 Satoshi posted “The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin is a net waste.”

But, despite the obvious attributes of Bitcoin that mitigates its impacts, powerful stakeholders still use environmental FUD to undermine the industry. What if there was a way to explicitly make Bitcoin mining part of the ESG framework rather than having ESG weaponised against the industry? Such an idea would kick away the ladder for Bitcoin mining detractors. Meet Troy Cross.

In this interview, I talk to Troy Cross, a Fellow at the Bitcoin Policy Institute. We discuss his personal journey of reconciling Bitcoin’s energy footprint, the environmental FUD used against Bitcoin, how Bitcoin mining mitigates climate change, and the game-changing idea to incentivise sustainable Bitcoin mining.

TIMESTAMPS

00:03:52: Introductions
00:04:48: From philosophy to Bitcoin
00:07:38: The most expensive socks
00:11:25: Early Bitcoin mining
00:18:36: Underestimating the growth of Bitcoin
00:20:22: Energy concerns
00:25:26: Attempts to politicise Bitcoin
00:31:39: FUD and economists
00:38:59: Returning to Bitcoin
00:44:19: Climate crisis
00:50:39: Bitcoin and the ESG narrative
00:57:55: Renewable energy is the solution
01:01:19: Bitcoin fixes this
01:15:42: How to make Bitcoin mining greener
01:24:35: The individual's contribution to greener Bitcoin
01:26:06: The milkshake analogy
01:31:29: Offsetting carbon footprint with sustainable mining
01:41:29: Final comments

 

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SHOW NOTES

Connect with Troy:

Mentioned in the interview:

Other Relevant WBD Podcasts:

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