The Current State of Bitcoin Mining with Harry Sudock - WBD538

There is a growing a powerful backlash against Bitcoin mining. In
the past 2 months: New York’s 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 “obscene amounts of energy”; 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’t 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’s 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’s role is to help
circulate the facts amongst the groups spreading the FUD.