Bitcoin Mining & the Energy Grid Transition with Troy Cross & Shaun Connell - WBD619

Troy Cross is a Professor of Philosopher and Fellow at BPI, &
Shaun Connell is Executive VP of Power at Lancium & energy
trading expert. In this interview, we discuss the evolution of
the Bitcoin mining and energy debate: how Bitcoin mining has
weathered the storm of FUD over its energy usage to become a tool
that fixes an ever-increasing number of energy-related issues.


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Roy Sheinfeld, CEO of Breez, last week used the following analogy
to highlight expanding knowledge of the Lightning Network’s
application: "The first industrial use of steam engines was to
pump water out of mines, but nobody talks about that because the
engines were stationary and hidden in the dark. Three generations
later, inventors started adding wheels to the engines. Setting
that power free and bringing it into the light made everyone take
notice, and that’s when steam changed everything."


The same applies to the whole Bitcoin ecosystem, particularly in
relation to Bitcoin mining. Since 2019, there has been a growing
realisation that Bitcoin provides a multitude of benefits to
producers, operators and consumers of energy. There are also an
increasing number of ancillary applications being realised in
other areas. So, is it time for Bitcoiners to become more
emboldened in their advocacy of Bitcoin mining?


There’s an available body of evidence showing the important role
that Bitcoin mining is playing in supporting Texas’s energy grid.
It is right to state that some of the resultant conclusions seem
counterintuitive i.e. how can an energy user assist with energy
supply? However, it merely takes an open mind, a willingness to
question, and a capacity to learn, to realise that Bitcoin mining
provides an important societal good.


Paradigm shifts are always met with suspicion. The issue is we’re
on the right side of history. Therefore, should we use someone's
views on Bitcoin mining as a test of their intelligence and
humility? Is it time to be more assertive in responding to those
who refuse to believe their eyes and ears? After all, they are
the ones who refuse to be humble.