Fighting the Bitcoin Mining FUD with Troy Cross - WBD590

Troy Cross is a Professor of Philosopher and Fellow at the
Bitcoin Policy Institute. In this interview, we discuss the
changing narrative around Bitcoin mining: is it finding its real
utility in a bear market as the ultimate auxiliary tool, and how
early are we in discovering its range of uses as a tool?


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The trajectory of Bitcoin mining’s narrative has been
breathtaking. Over the last year, it has gone from being
singularly promoted for its principal role in securing the
Bitcoin network, to having a whole host of other uses identified
and championed: subsidising stranded energy, stabilising energy
grids, mitigating methane emissions, and providing heat for a
range of activities.


Policymakers are struggling to keep up. The tired old FUD of
Bitcoin’s energy use and carbon footprint are still being used as
attack vectors by supposed reputable institutions such as the
ECB. It also feeds into the narratives picked up by policymakers
such as the White House, who’s commissioned report on Bitcoin
mining’s climate impacts was affected by mainstream ignorance.


But, the White House report also included recognition of some of
Bitcoin mining’s emerging benefits, as well as correcting some
misrepresentations of its impacts. This shows that, whilst we are
far from getting widespread acceptance of the importance of
Bitcoin mining, the effort spent on education and advocacy by the
Bitcoin community is having a vital real-world impact.


Promoting Bitcoin mining’s evolving narrative is critical. This
is because we’re on the cusp of some far-reaching regulation in
the wake of recent crypto scams. Regulators could see this as an
opportunity to constrain Bitcoin mining; politicians never let a
good crisis go to waste.


Yet, we are still early in understanding the scope of Bitcoin
mining’s value. New uses are being researched and developed all
the time: OTEC, water desalination and carbon capture are recent
examples. Bitcoin mining is emerging as perhaps an engineer's
ultimate auxiliary tool. The mission is therefore to not only
continue to convey Bitcoin mining’s importance, but provide the
widest possible frame for its significance.