Bitcoin Mining Impacts Lives for the Better
Very few people understood the global import of Bitcoin in its early days. People across the world, and Africa especially, now better understand the benefit. More so, they feel the positive impact of Bitcoin mining more closely.
Heads High in the Bear Market
Bitcoin Magazine Podcast hosts, P, and Q had a robust discussion with Marshall Long. They talked about how it has been for Bitcoin miners to survive the bear market. And how miners can out-pace the current political situation.
Q said he would like to talk more about mining but then, he needed to bring in the World Economic Forum. He explained that the major point of Bitcoin antagonists is the energy usage and environmental impact of mining. He asked to hear Long’s view on the discussion about proof-of-work vs. proof-of-stake.
Long started his response by saying that no one really knew much about Bitcoin in the early days. Anyone who said Bitcoin was going to become such a huge phenomenon was just a liar. As a matter of fact, Long said he started mining to get some money to take care of basic things such as his CPUs.
The proof-of-stake was only used, at the time, as an arbitrage against Bitcoin. It was used to trade other coins and nothing serious outside that. Later came papers and people complained that they were not as secure.
Long revealed that Vitalik Buterin was not able to get his codes put out through Bitcoin but it’s a whole other story. Now that Buterin has exited the proof-of-work, though, Long said they are trying to put all miners on ESG. But he said the move failed because most Bitcoin miners use a lot of green energy.
Failed Bullying
BlackRock, Long said, attempted to roll out all ESG mandates and capitalists latched on to it. But that didn’t work out either and BlackRock, as well as everyone else, pulled back on the ESG. The argument is now down to Bitcoin mining being evil because…look at Ethereum!
Long said the answer to why Bitcoin is not hopping on the proof-of-stake like Ethereum is because the platform is not dumb. There is really not else to say after that, he said.
P said it is infuriating to see the false narrative of anti-Bitcoin campaigners. He said he thought he would become immune to the lies and misrepresentations. But it keeps getting him angry.
Long responded by saying every Bitcoin miner he knows has no issues with ESG or going green. There is not wrong with them, he declared. The problem, however, is when other people leverage them and use them to coerce people into certain activities.
He stated further that, none of these issues are actual-world problems. For instance, Pornhub is said to use eight times the amount of energy Bitcoin mining uses.
The rest of the world is not bothered about the effect of Bitcoin mining at all. Rather, it is an activity that changes the economic lives of people for the better.
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