Bitcoin’s Biggest LIE EXPOSED!! Here’s The Truth!!

The biggest myth about Bitcoin is that BTC mining is somehow bad for the Environment how dare you well believe it Or not but the exact opposite is true BTC mining could be used to bootstrap More environmentally friendly energy Sources and this could make BTC an asset That every environmentally conscious Investor would need to have on their Balance sheet given that many of these Investors are asset managers the gains Could be massive today we're going to Summarize a study which argues that BTC Mining could not only be beneficial to The environment but that it could also Optimize power grids all while making BTC holders a big Profit the study we'll be summarizing Today is titled quote leveraging Bitcoin Miners as flexible load resources for Power system stability and efficiency it Was co-authored by five people including Castle Island Ventures partner Nick Carter who's been at the Forefront of Crypto related policy in the United States notably the study was also Co-authored by former urot president and CEO Brad Jones who unfortunately passed Away early last month now for context Urot operates Texas's power grid and as A fun fact Texas is the only state with Its own grid and most of the BTC mining In the US is being done there so the Study begins with an introduction

Wherein the authors explain that the Energy use associated with BTC mining Has brought its environmental Friendliness into question as we Mentioned in the introduction this has Resulted in a lot of myths about BTC Mining which have found their way into Policy the authors note that there is a Lack of awareness about why BTC mining Uses so much energy and how these Dynamics can change over time for Example most people don't know that this Energy is required to secure the Bitcoin Blockchain and that the amount of energy Required to do this can fluctuate the Authors explain that once you understand These nuances you realize that BTC Mining operations are analogous to the Data centers which power the internet And also use lots of energy funnily Enough some mainstream media Outlets are Starting to FUD AI because of all the Energy its Hardware is using Anyways the authors go on to explain That the purpose of the study is to Prove that BTC mining can help bootstrap New sources of energy reduce pollution By capturing wasted energy and make Power grids more efficient naturally the Authors used the BTC mining being done With urot to back up their claims and by The way if you're enjoying the video so Far be sure to smash that like button to Give it a boost now in the first part of

The study the authors explain how bit Coin's proof of work consensus mechanism Works as most of you will know consensus Mechanisms like proof of work Fundamentally exist to ensure that the Transactions which are being processed By the computers on the network are Valid in bitcoin's case it requires These computers to solve complex Mathematical problems to effectively Earn the right to process transactions These computers AKA miners process Transactions in batches AKA blocks each Block contains a reference to the Previous block hence the term blockchain In exchange for solving these complex Mathematical problems and creating Blocks of transactions miners are Rewarded with BTC the native coin of the Bitcoin blockchain these rewards come in The form of transaction fees paid in BTC And the coinbase which is a set amount Of BTC rewards in each block a new Bitcoin block is created every 10 Minutes to ensure that this block time Is maintained the Bitcoin blockchain Will automatically increase the Difficulty of these complex mathematical Problems as more miners join the network The consequence of this is that they Take more energy and time to solve now As some of you will know BTC mining I.E The process of solving these complex Mathematical problems is done using

Specialized computers called application Specific integrated circuits or as6 as More as6 have joined the network the Total amount of energy used for BTC Mining has increased according to the Authors BTC mining uses 0.2% of all Global energy produced and 0.6% of all Global energy consumed now This is a significant statistic because It implies that a lot of the energy Produced is wasted news flash but most BTC miners look for energy that would Otherwise be wasted because it's cheaper So this begs the question of what impact BTC mining is having on the environment If any the authors explained that most Of the studies about this topic have Used flawed models some of you might Recall the world economic forum's Infamous 2017 prediction that BTC mining Would use all the world's energy by 2020 Ah good Times now to their credit the authors Explained that these flawed models Aren't necessarily the fault of the Scientists that's because it's Objectively difficult to find good data About the energy being used by BTC Mining the exact Hardware involved in BTC mining the impact of mining pools And the environmental impacts this is All a consequence of the fact that Bitcoin is truly decentralized it is Powered by millions of as6 spread around

The world some of the as6 use energy That isn't even part of the grid for Example there was a viral video of a Miner somewhere in China using a river To mine BTC with hydrop power smaller Asic mining operations will also pull Their mining power together to get more Predictable BTC rewards this masks the Location of these ASC miners which makes It difficult to estimate what energy Sources they're using in turn this makes It difficult to estimate the Environmental impact of BTC Mining another factor that makes it Difficult to estimate the environmental Impact of BTC mining is one that I Mentioned a few moments ago the fact That most BTC miners look for the Cheapest sources of energy possible That's because the cheaper the energy is The bigger the profit they make from Mining BTC often the cheapest sources of Energy are those that I mentioned Earlier energy which would otherwise be Wasted as with that Chinese chap mining BTC with a river in the middle of a Forest this otherwise wasted energy is Extremely difficult to quantify because It's not technically a part of the grid What's fascinating is the author's note That Foundry one of the biggest Bitcoin Mining pools gathered detailed Information about the participants in Its pools in August 2021 this made it

Possible to get a better estimate of What energy they were using and these Estimates were plugged into larger Models hold up a second there guy sorry To interrupt folks but I just wanted to Very quickly tell you about the coin Bureau deals page now this is the place Where we have put together some of the Very best deals and Promos in all of Crypto so you can think things like Exchange signup bonuses trading fee Discounts and money off of Hardware Wallets and much much more besides so if You want to check that out coin.com Deals is the place to go or you can just Use the link in the description of this Video down below thanks very much and Now back to you guy the authors then Pivot to discussing another aspect of BTC mining that's been overlooked and That's methane gas for reference during Oil production companies will often find Natural gas when it doesn't make Economic sense to capture and sell this Gas then it's flared I.E burned off According to the World Bank over 140 Billion cubic meters of gas was flared In 2021 creating a lot of pollution so To speak the authors touch on a few Studies which claim that using this Flared gas to run power generators for BTC mining doesn't reduce pollution but Dispel these claims with other studies They cite one study by coin shares which

Found that the way methane is burned is Extremely inefficient and using it to Mine BTC instead can reduce Global Pollution and bitcoin's own pollution by 5.2% given this fact the authors argue That BTC mining could help reduce Methane pollution per US policy targets So this ties into the role that BTC Mining could play in another policy Objective and that's environmentally Friendly sources of energy for those Unfamiliar most of the environmentally Friendly sources of energy are Intermittent meaning that sometimes There's a lot of energy and sometimes There's none this creates an imbalance In the power grid can result in higher Energy costs and often results in wasted Energy By plugging as6 into the mix these kinds Of energy operations can use the Otherwise wasted energy to mine BTC and This makes it possible to subsidize Energy costs and expand operations more Importantly BTC mining makes it possible For environmentally friendly sources of Energy to bootstrap their operations Consider a scenario where a hydroplant Can only be built somewhere far away From cities and towns now under normal Circumstances it may not be feasible to Build this plant with as6 around however This hydrop plant could start mining BTC As soon as it sets up shop and use the

Profits from selling this BTC to build The infrastructure it needs to sell its Energy to the far away towns and cities You'd be forgiven for thinking that this Is theoretical but apparently it's Already being done and this pertains to The second part of the study which is About balancing the power grid with BT Mining oddly enough the authors Begin by Dismissing nuclear energy due to Unspecified limitations they also Dismiss hydr power due to its quote Geography and seasonality which isn't Always an issue given these supposed Facts the only option is to use Environmentally friendly energy sources Which are intermittent you'll recall That intermittency results in Grid Reliability issues which the authors Predict will continue to increase as Governments around the world World Insist on using these intermittent Energy sources now the three solutions To these reliability issues are to use Quote conventional energy sources Connect energy grids together and demand Response now this last one involves Quote specific demand side management Programs that optimize electricity Consumption patterns to align with Supply Dynamics and this reminded us of The headline that Texas homes with so Called Smart Meters saw the temperatures Automatically adjusted upwards to save

Energy during a heat wave it's something We covered in our video about smart Cities I'll leave a link to that video In the description I digress now what's Concerning is that the authors seem to Imply that reliable and conventional Energy sources are problematic due to Their environmental effects they also Seem to argue that these energy sources Are inefficient in helping balance the Grid due to the cost the time and the Environmental effects involved Conversely they portray grid Interconnectivity as a better solution In other words instead of using reliable Energy sources combine all the power Grids together to better balance supply And demand this is surprising Considering that the result of this Interconnectivity is arguably Centralization and instability logically Connecting energy grids together to Better balance supply and demand Requires a lot of advanced Infrastructure which isn't widely Available the key takeaway seems to be That neither conventional energy sources Nor grid interconnectivity are feasible For addressing energy Intermittency so this leaves the third Solution which you'll recall is demand Response here the authors start by Dropping a crazy statistic the capacity Of demand response must increase by 10x

Between 2020 and 2030 for our Increasingly intermittent energy grids To remain reliable given their new Energy sources the authors detail So-called retail programs for demand Response which seem to include the Dystopian Smart City stuff we mentioned Before we're not exaggerating listen to This quote during high demand peak hours Energy consumption is curtailed often at A premium price in some instances Advanced notice is communicated to Consumers to encourage reduction in Usage this Dynamic is supported by the Growth of smart metering connected Devices and emerging load centers like Electric vehicle charging stations which Collectively Advance retail demand Response smart meter expansion Particularly notable in the USA paved The way for demand response expansion by 2019 Advanced meters had reached a Penetration rate of 60% in USA Households a significant increase from 13 % a decade earlier the ability to Track consumption hourly serves as a Foundation for encouraging load shifting And curtailment during Peak periods end Quote this reminded us of what Presidential candidate Robert F kenned Jr said about energy regulations in the US some of the regulations being Proposed would allow the government to See what you're doing with your energy

In the name of the environment more About that in the description moving on Now as with Central Bank digital Currencies or cbdcs there is also a Wholesale version of demand response too This wholesale version of demand Response involves industrial consumers Coordinating with energy agencies such As urot to ensure that the power grid is Properly balanced as the authors point Out not all industrial consumers have The capacity to play a role in demand Response this is because the demand Response can vary in terms of time Intensity and location what's needed Then is an industrial consumer that can Help at any time at any intensity and at Any location of course BTC miners fit This bill but before hitting us with the Punch line the authors take some time to Underscore just how difficult it is to Do demand response for intermittent Energy Sources besides the intermittency issues Demand response for these energy sources Is often constrained by Location now what's concerning is that The authors cite a study which projects That most of the power grid in countries Like China and the US will be dependent On these intermittent energy sources by 2050 they also reveal that over 90% of Electricity generation that's currently In development involves these energy

Sources this is concerning because it Suggests that most energy grids could Soon become very un reliable what's Crazy is that the International Energy Agency essentially detailed the four Phases in which this will happen listen To this quote phase one encompasses Grids with negligible VRE intermittent Energy shares where flexibility is Unnecessary to counteract intermittency Phase two arises when V constitutes Around 5 to 10% of the mix and existing Resources are sufficient to manage the Impact of VRE on the grid in phase three As V grows to approximately 10 to 30% a Systematic increase in power system Flexibility is required to accommodate The influx phase four occurs when VRE Constitutes a significant majority of Power during Peak generation periods Necessitating substantial Regulatory and Operational grid adjustments translation The power grid requires intense Centralization and control to stay Online finally quote phase five as yet Unrealized at the time of writing Involves V entirely powering the grid During specific periods marked by Substantial surpluses and routine Supply Curtailment now perhaps we're mistaken But routine Supply curtailment sounds an Awful lot like energy shortages and Outages now for what it's worth the Authors believe that BTC might will save

The day that's because it'll be able to Provide the demand response needed to Prevent our power grids from collapsing Apparently in case you didn't know A6 Can be set up anywhere that there's Power and an internet connection this Makes them perfect for supporting Intermittent energy sources in addition To being available at any time and for Any intensity at any location BTC miners Can also be easily turned on and off in Seconds by contrast it can take hours For other industrial consumers to Respond to demand to prove their point The authors point to the demand response By BTC miners during a winter storm in North America last December they stopped Mining BTC to make sure that the power Grid wouldn't collapse bitcoin's hash Rate simultaneously fell by 40% but hey Who needs a secure blockchain right in All seriousness the authors look past This disturbing detail and double down On the idea that BT BC mining has both Environmental and economic benefits in This case they point to the role that BTC miners have played in stabilizing The increasingly intermittent Texas grid With the help of urot the authors note That over 40% of BTC mining in the US is Happening in Texas as of 2022 what they Don't note is that almost 40% of all BTC Mining in the world is happening in the US as of

2022 given the aforementioned demand Response last winter it's likely that The latter figure is much higher the Authors then note something amusing Quote the prevalence of vres and the Scarcity of interconnections in urot Have driven the emergence of a dynamic Ancillary Services market and urot has Enthusiastically embraced Bitcoin miners As a valuable service provider for Meeting its flexibility needs this is Amusing because in plain English it Means The large amount of intermittent energy Sources has resulted in lots of grid Instability and urot needs BTC miners to Help stabilize the grid one wonders if There would be a need for BTC miners if The grid kept using conventional energy Sources regardless the authors take this Cooperation as proof that BTC mining can Help balance other grids as they Continue to integrate intermittent Energy sources and become less reliable As a result the authors basically Conclude that this would be the ideal Outcome for both Bitcoin and the Environment however they warned that Quote bitcoin's future energy Consumption trajectory remains uncertain If bitcoin's Market size parallels that Of investment gold its energy demands Could sore this potential surge Necessitates a thorough examination of

Bitcoin's direct and indirect effects on Energy grids power pricing and Environmental goals put but differently BTC could do more harm than good if it Gets too big and this brings me to the Big question and that's where the profit Part of this equation is after all it's Presumed that if Bitcoin complies with All the most ambitious environmental Policies then BTC will be seen as more Favorable by investors and its price Will go up as it's accumulated by these Investors as you just heard however an Increase in btc's price would cause its Energy demands to soore which would call Its environmental benefits into question Btc's price going up because of such Investors would also mean that BTC Mining succeeded in helping roll out Intermittent energy sources around the World to be blunt this is not exactly an Outcome that's ideal for BTC holders or Even the average nocoiner for that Matter if you think about it the Paradox Of the conclusion of this study has its Roots in the premise that bitcoin's Growing energy use is somehow bad for The environment which clearly isn't the Case if you watched our video about coin Shares Bitcoin mining report you'll know That Bitcoin mining accounts for less Pollution than clothes drying machines It's a fraction of a fraction of a Percentage and would still be negligible

Even if btc's price was to grow by Another 100x regarding pollution more Generally industrial steam creates more Pollution than all passenger vehicle and Aviation pollution combined this Pollution could be eliminated with the Use of small modular reactors or smrs Which are very safe and becoming more Common fun fact Rolls-Royce makes smrs So clearly there are better ways to Address the environmental issues we Face Than Banning BTC mining or trying to Stop people from traveling some would Say that the fact these Solutions are Not already being implemented is Evidence that these issues are not Really about the environment at all from Our perspective Bitcoin is Environmentally friendly for one simple Reason BTC is deflationary it Incentivizes you to save meanwhile the Existing Financial system is Inflationary meaning that it Incentivizes you to spend this is the Root cause of most of the environmental Issues we face today if you think about It a lot of pollution has probably been Avoided purely from the fact that there Are hundreds of thousands if not Millions millions of Bitcoin Fanatics Who are reducing their consumption to Stack SATs that's a study that we would Love to see and one that would actually Make sense for the time being though

We'll have to continue operating off These questionable premises until it Becomes obvious to everyone that they're All wrong with enough education and Awareness we'll get there and hopefully This video has brought us one baby step Closer and that's all for today so if You found this video informative smash That like button to let us know if you Want to stay informed be sure to Subscribe to the channel and ping that Notification Bell if you want to help Inform others take a second to share This video with them if you're looking To maximize your crypto gains check out The coin Bureau deals page it's got Trading fee discounts of up to 60% and Bonuses of up to $40,000 on the best Crypto exchanges as well as the biggest Discounts on the best hardware wallets The link will be in the description Thank you all for watching and I'll see You in the next one this is Guy signing Off