The Current State of Bitcoin Mining with Harry Sudock - WBD538

Published: Aug. 8, 2022, 11:28 a.m.

There is a growing a powerful backlash against Bitcoin mining. In the past 2 months: New York\u2019s legislative assembly established a moratorium on mining based on PoW; Dick Durbin, the second highest ranked Democrat in the Senate, tweeted that Bitcoin mining uses \u201cobscene amounts of energy\u201d; the European Central Bank indicated that a ban on PoW is likely by 2025.

The problem is that the growing movement against Bitcoin mining, specifically its use of energy to satisfy PoW consensus protocol, defies logic. The FUD and the facts don\u2019t align. The reality is Bitcoin mining is providing unprecedented utility to society. It is helping to mitigate methane emissions at landfill and oil fields, whilst also providing a unique demand that stabilizes energy grids.

The concern is that the FUD is orientated along political lines. The movement against Bitcoin mining is more heavily resourced by democratic and left-leaning groups. Therefore, is the growing progressive support for Bitcoin more than just beneficial to its wider adoption? Could it be vital to dispel the disinformation? Is Bitcoin\u2019s future dependent upon a de-polarisation of the ecosystem?

Whatever the trajectory of the discussion, one thing is clear: Harry Sudock is one of the most clear-eyed, passionate and articulate voices within our industry. With people of such uncompromising yet pragmatic vision, we have the resources to win the battle of ideas. The Bitcoin community\u2019s role is to help circulate the facts amongst the groups spreading the FUD.