In the past couple of weeks alone, Carter published three major texts on the topic of the ecological impact of Bitcoin mining: The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate; Noahbjectivity on Bitcoin Mining Stocks exposed to cryptocurrencies slumped around the world after Elon Musk voiced concerns over Bitcoin’s energy usage. “The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate” by Nic Carter “PoW Is Efficient” by Dan Held. by admin. 27.Jan.2021. Spread the love 207 Interactions, 5 today Carter urged that policymakers support greener networks for local Bitcoin mining. by Nic Carter, * * * * $8.95 * * * * * * Quantity: Item: # H06C5X Weight: 1.00 LBS. Policymakers should encourage greener grids for local Bitcoin mining, Carter suggested. Nic Carter / HBR.org: A look at misconceptions about bitcoin's energy footprint, including how energy consumption does not equal carbon emissions, its use of unused resources, more. Last night on a Twitter Spaces room hosted by Nic Carter, Nayib Bukele spoke to over 20,000 listeners about the recently announced Bitcoin Law … 0. He explained that Bitcoin (BTC) is a decentralized synthetic commodity that is extremely resistant to control. Why Does Bitcoin Consume Energy? Nic Carter, a partner at Castle Island Ventures, a venture fund focused on blockchain companies, has been perhaps the most vocal proponent of the opposite perspective: that concerns over bitcoin's energy needs are overblown and often taken out of context. This is undeniable. Bitcoin does not use any energy for transactions. A rising price entails a greater energy … In this interview, I talk to Alex Gladstein, the Chief Strategy Officer at The Human Rights Foundation and Nic Carter, a Partner at Castle Island Ventures. “things liz warren is deliberately lying about: - bitcoin txns 'consume x energy' - bitcoin is unproductive and has no utility - bitcoin energy use is a 'disaster for our planet' - bitcoin disproportionately used for illicit purposes” Nic Carter, founding partner at Castle Island Ventures, … bitcoinist.com - Nic Carter of Castle Island Ventures believes Elon Musk isn’t the proper person to lead the “clean Bitcoin” discussion, “at least not in the eyes of … Bukele then revealed his plans to fully utilize the country’s volcanic geothermal energy of which a lot are transported to other cities or lost to oversupply. Bitcoin mining is a relentless race to the lowest electricity costs and therefore — as explored by Dan Held and Nic Carter — acts as an electricity buyer of last resort. Critics will also attack Bitcoin’s energy consumption without comparing the relative energy costs of other known financial systems such as our current fiat monetary system, the petrodollar. Finally, playing the praise-blame game, Nic Carter, pointed out the fact that Tesla cars use the same grid energy that Bitcoin has been using. Just like the US military is used to secure the network of the US dollar. “The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate” by Nic Carter “PoW Is Efficient” by Dan Held. As Nic Carter puts it in a CoinDesk article titled The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate: “Bitcoin offers fast, high-assurance, final settlement. Tesla’s $1.5 billion bitcoin purchase this week sent the cryptocurrency soaring to a record. A new statement from Chinese Vice Premier Liu He and the State Council says the move is part of an effort to “resolutely prevent and control financial risks” in the country. The first claim Carter took aim at was that Bitcoin is unique among assets in that a rising price entails a greater energy draw. Nic Carter, … The Last Word on Bitcoin’s Energy Consumption CoinDesk columnist Nic Carter is partner at Castle Island Ventures, a public blockchain-focused venture fund based in Cambridge, Mass. He is also the cofounder of Coin Metrics, a blockchain analytics startup. Much ink has been spilled on the question of Bitcoin’s energy footprint. Partner, Castle Island Ventures. https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume What Bitcoin Did, Critiquing Bitcoin with Frances Coppola & Nic Carter Featuring economist Frances Coppola. https://bitcoinmagazine.com/culture/much-energy-such-morals-bitcoin-is-better The energy is used to secure the network. The likes of Nic Carter, Andreas Antonopoulos, and Dan Held have all lent support to the idea that Bitcoin is "a super commodity" which "transmutes electricity into digital gold" and stores otherwise wasted renewable energy. This is … 5 March 2021. in Bitcoin Mining, More Bitcoin. This would remove ESG concerns for institutional … “The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate” by Nic Carter “PoW Is Efficient” by Dan Held. Read “Bitcoin mining is mainly located in global regions where there are ample supplies of renewable electricity available. — nic carter (@nic__carter) ... What do you think about the recent critique toward Bitcoin’s energy consumption? Tesla’s $1.5 billion bitcoin purchase this week sent the cryptocurrency soaring to a record. Let us know what you think about this subject in the comments section below. May 13th, 2021, 4:39 PM PDT Stocks exposed to cryptocurrencies slumped around the world after Elon Musk voiced concerns over Bitcoin’s energy usage. (No reviews yet) Write a Review. The president first revealed his bitcoin mining plans Wednesday morning on a Twitter Spaces room hosted by Nic Carter as the Salvadoran Congress discussed his bill to make bitcoin legal tender. The chat room held conversations around Bitcoin, mining, and how the largest cryptocurrency has a high penetration in developing countries, as Carter said in an interview . Nic Carter of Castle Island Ventures believes Elon Musk isn’t the proper person to lead the “clean Bitcoin” discussion, “at least not in the eyes of the Bitcoin community.” ... Carter highlighted that encouraging Bitcoin miners to be more honest about their energy mix is a good suggestion regardless of who … Per Holthaus’ own words: “These are the libertarian nerds who are currently torching our planet's clean-energy … Comments *. The likes of Nic Carter, Andreas Antonopoulos, and Dan Held have all lent support to the idea that Bitcoin is "a super commodity" which "transmutes electricity into digital gold" and stores otherwise wasted renewable energy. Quantity price applied. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. The changing Bitcoin energy mix landscape; Content mentioned in this episode: Nic Carter in Coindesk, The Virgin Bitcoin Fallacy; Nic on Bloomberg/What’d You Miss; This episode supported by: Sovryn, DeFi on Bitcoin; Eventus, global leader in trade surveillance, market risk and transaction monitoring … In a very well documented article called ‘Noahbjectivity on Bitcoin mining’ posted on Medium.com on March 30, Coin Metrics co-founder Nic Carter debunked some claims that were made by Noah Smith, a Bloomberg columnist. Bitcoin (BTC) mining leaves a climate footprint, but renewable energy accounts for a considerable share of the process. $8.95. A rising price entails a greater energy … Coming to the first claim Carter took aim at was that Bitcoin is unique among assets. In the paper, Aste and Song detail that the Bitcoin network consumes a lot of energy, but the researchers still manage to estimate the “lower bound for the global mining energy cost for a period of 10 years from 2010 to 2020.” Nilay Patel talks with a bitcoin enthusiast, Nic Carter, and a bitcoin skeptic, Prof. Steve Hanke, to get both sides of the bitcoin debate. From the Petrodollar to a Bitcoin Standard with Alex Gladstein & Nic Carter “It’s reasonable to think that in the next 10-15 years, we’ll start seeing a real shift. But Bitcoin mining is also turning to renewable energy, such as solar and wind, and energy management companies of today can become the bitcoin miners of tomorrow, according to a white paper released this week by Square, a digital payments company that has also invested in Bitcoin. He explained that Bitcoin (BTC) is a decentralized synthetic commodity that is extremely resistant to control. Nic Carter's rebuttal to a Bloomberg comparison between Bitcoin/Visa, including assessments of total and per/transaction energy usage: "First of all, Bitcoin and Visa are fundamentally different systems. How Much Energy Does Bitcoin Actually Consume? Bitcoin is a distributed, worldwide, decentralized digital money. Similar arguments are being raised by defenders of bitcoin’s energy use, led by investor and CoinMetrics chairman Nic Carter, whose Twitter feed has been a leading venue for “debunking” efforts. It's called Taproot, and it's due to take effect in November. Write a Review. Coin Metrics co-founder Nic Carter says he’s happy that Chinese authorities are calling for a crackdown on Bitcoin mining. Bitcoin is a distributed, worldwide, decentralized digital money. The Bitcoin power debate rumbles on, seemingly with out finish. The idea to use El Salvador’s volcanoes as a power source for Bitcoin mining apparently arose in a Twitter Spaces chat room hosted by Coin Metrics cofounder Nic Carter. Nic Carter, a partner at Castle Island Ventures, a public blockchain-focused venture fund, said the debate about Bitcoin’s electricity use is not about energy but about the societal merits. Read this thread by @Nic_Carter , who suggests bigger margins for non-China based miners as a result, who tend to have a “cleaner” energy mix, thus incentivising more mining using renewable energy. Written for a general audience, this essay considers the Bitcoin energy question and looks into the challenging epistemic dynamics of the debate. The Last Word on Bitcoin’s Energy Consumption Nic Carter, May 2020. Nic Carter - Bitcoin in 2021. - Nic Carter What do all the "boiling oceans" alarmist miss about the nature & incentives of Bitcoin's energy consumption? Critics often lead with a visual like the one below, comparing Bitcoin’s energy However, Carter highlighted that encouraging Bitcoin miners to be more honest about their energy mix is a good suggestion regardless of who makes it, alluding to the newly formed Bitcoin Mining Council. China potentially banning Bitcoin is not necessarily a bad thing. 1 min read. Bitcoin is bigger, and more important than the mewlings of a billionaire over mechanisms that he clearly hasn’t done his diligence in understanding. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Rating * Select Rating 1 star (worst) 2 stars 3 stars (average) 4 stars 5 stars (best) Name. Carter and other experts have been quick to point out that studies and articles criticizing Bitcoin’s energy usage do no discriminate between renewable and non-renewable energy sources. Nic Carter, partner at … As he correctly points out a huge chunk of bitcoin mining is … More than 20,000 people tuned in to listen to the discussions hosted by Carter. For example, Michael Saylor, CEO of MicroStrategy, told Musk that the nett effect on fossil fuel use will be negative over time, while Anthony Pompliano of Pomp Investments said that 75 percent of miners use renewable energy. Cryptocurrency 9 mins Here’s what ‘Cardano doesn’t care’ about and is … You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. The president of El Salvador, whose country was about to make bitcoin history. Nic Carter Takes Aim at Environmental Concerns. The eternal energy debt Bitcoin has and how it will grow in the future. In this manner, bitcoin mining — which offers the possibility of immediate electricity monetisation independent of grid connection — can play a vital part in the renewables development cycle. Carter also believes that when BTC miners become more transparent about the kind of energy they use, they can save the crypto industry. Carter contends that Bitcoin mining is majorly concentrated in areas where there is an excess of energy. Nic Carter, founding partner at … You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. And what impact will it have on equality and foreign policy? Carter says he believes the new moves from China could actually strengthen the Bitcoin network and improve its energy efficiency. Nic Carter, a partner at Castle Island Ventures has called out Tesla’s Elon Musk with regards to the latter’s green Bitcoin mining campaign. May.13 — Stocks exposed to cryptocurrencies slumped around the world after Elon Musk voiced concerns over Bitcoin’s energy usage. May 7, 2021, … But Musk’s tweet took many in the cryptocurrency community by surprise, including Nic Carter, a partner at Castle Island Ventures and a leading voice among defenders of bitcoin’s energy use. Nic Carter Takes Aim at Environmental Concerns. An investor and a skeptic make their case. Finally, Nic Carter, in a game of praise-blame, pointed out that Tesla cars use the same grid electricity that Bitcoin … Which consequently uses far more energy then bitcoin. ^ H06C5X. Castle Island Ventures’ Nic Carter doesn’t think Elon Musk is the right person to lead the “clean Bitcoin“ debate, “possibly not as far as the Bitcoin community is concerned.” He told Bloomberg, “Bitcoiners are still intensely … This is relevant as countries like China and Iceland, which are some of the most active when it comes to crypto mining, source most of their energy … The debate over Bitcoin’s significant consumption of energy is not new. Cofounder, Coinmetrics.io. During an interview with Nic Carter on a Twitter Spaces room, he was asked if he had any plans on Bitcoin mining. Bitcoin mining consumes a lot of energy – but much of it is renewable. Whether it’s to a bi-polar world or a multi-polar world or potentially a world where we no longer have the petrodollar as the reserve currency… but rather, … Every day, Nic Carter and thousands of other … This is a cornerstone of the anti-Bitcoin energy argument: the notion that you can have something for nothing with Proof of Stake. That was true, but ultimately didn’t change the outcome. Bitcoin’s volatility is due to a lack of a proper valuation model. Nic Carter: The Frustrating, Maddening Bitcoin Energy Debate. I imagine Bitcoin mining being akin to a glass of water poured over the surface, settling in the nooks and crannies, and smoothing it out,” says researcher Nic Carter of Coinmetrics.io. One of the best articles I’ve read, with proof of bitcoin’s mining use of green energy, can be found in an article by Nic Carter, which you can read here. Can we determine anything meaningful about Bitcoin's energy … Mobile Archives Site News. However, Carter highlighted that encouraging Bitcoin miners to be more honest about their energy mix is a good suggestion regardless of who makes it, alluding to the newly formed Bitcoin Mining Council. The first bitcoin upgrade in four years has just been approved by miners around the world. And when it comes to the Bitcoin energy debate, few have gone further than Castle Island’s Nic Carter. If bitcoin does become the new global reserve currency, superseding the dollar, will that usher in a more peaceful world? Bitcoin is bigger, and more important than the mewlings of a billionaire over mechanisms that he clearly hasn’t done his diligence in understanding. The Bitcoin network consumes energy. North American Bitcoin miners, for instance, are said to be cleaner than many industries that consume electricity. Your position on Bitcoin is extremely uniformed. — nic carter (@nic__carter) February 22, 2021 Although that might seem like splitting hairs to passive observers, who see BTC transactions and issuing Bitcoins as all part of a single network’s operating costs, Carter told Decrypt that comparing Bitcoin to a legacy payment system is problematic. Nic Carter… According to him, greener power grids should be created for Bitcoin rather than banning it. Coming to the first claim Carter took aim at was that Bitcoin is unique among assets. https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption "If your local energy cost is effectively zero but you cannot sell your energy anywhere, the existence of a global buyer for energy is a godsend." The bill subsequently passed with a supermajority. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Mark Cuban. Pompliano, however, also weaved a compelling spiel, one that seemed to suggest that Tesla’s announcement was merely the first step of Musk and his team’s … You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. According to him, Musk is not the right candidate to "lead the charge for Bitcoin … The crypto credit markets and the growth of HyperBitcoinization. The article that Carter responded to was title ‘Bitcoin … As part of our Bitcoin Day coverage on March 18, our own chief growth officer, Anand Chokkavelu, sat down for a chat with cryptocurrency expert and venture capitalist Nic Carter on Fool … Bitcoin is bigger, and more important than the mewlings of a billionaire over mechanisms that he clearly hasn’t done his diligence in understanding. Read writing from Nic Carter on Medium. “This isn’t a surprise. This means transactors can trust that value transfers are absolutely final within a short period of time. The president first revealed his bitcoin mining plans Wednesday morning on a Twitter Spaces room hosted by Nic Carter as the Salvadoran Congress discussed his bill to make bitcoin legal tender. — nic carter (@nic__carter) June 9, 2021. Bitcoin is a distributed, worldwide, decentralized digital money. Nic Carter of Castle Island Ventures believes Elon Musk is not the proper person to lead the “clean Bitcoin” argument, “at least not as far as the Bitcoin community is concerned.” He told Bloomberg, “Bitcoiners are still intensely skeptical of […] Open Links In New Tab. This paper doesn't attempt to do either ×. The long-suffering Nic Carter has even changed his Twitter profile to “bitcoin energy guy” due to his commitment to Bitcoin energy education. In direct response to the confirmation of Nic Carter as the speaker at the Bitcoin 2021 Summit in Miami, Holthaus noted that the actions of Bitcoiners are putting vulnerable and marginalized people at risk. Jack Dorsey. Bitcoin miners use a lot of energy. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. But the devil is in the details. Bitcoin is a distributed, worldwide, decentralized digital money. Nayib Bukele, the president of El Salvador, invited bitcoin miners to set up at a state-owned geothermal facility powered by a volcano. The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. The likes of Nic Carter, Andreas Antonopoulos, and Dan Held have all lent support to the idea that Bitcoin is "a super commodity" which "transmutes electricity into digital gold" and stores otherwise wasted renewable energy. Carter contends that Bitcoin mining is majorly concentrated in areas where there is an excess of energy. Bloomberg • 2h. Bitcoiners are rightfully annoyed at having to defend Bitcoin’s share of world power manufacturing, given the dearth of equal scrutiny utilized to different apparently wasteful purposes which eat related … As anyone knows, if you want to understand bitcoin c02 impact, you need to 1. identify where it is being mined and 2. identify the energy mix that those miners are using. A mask-less, sold-out crowd of 12,000 attendees spent two days glad-handing, hugging, sending crypto wallet to wallet, and closing business deals in between panels and speeches. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. He provides a seemingly inexhaustible tome of research debunking misguided energy criticism and explaining how Bitcoin uses mostly renewable or excess energy. Show What Bitcoin Did, Ep From the Petrodollar to a Bitcoin Standard with Alex Gladstein & Nic Carter - May 26, 2021 “It’s reasonable to think that in the next 10-15 years, we’ll start seeing a real shift. As Bitcoin is a global buyer of energy at a fixed price, it makes sense for miners with very cheap energy to sell some to the protocol. This is why so many oil miners (whose business results in the production of lots of waste methane) have developed an enthusiasm for mining Bitcoin. How Much Energy Does Bitcoin Actually Consume? 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