Tech titans Jack Dorsey and Elon Musk are countering the narrative that Bitcoin is bad for the environment.
Dorsey points to a new Twitter thread from Square Crypto, which outlines a scenario in which Bitcoin mining, solar power and electric batteries team up to create a sustainable power grid.
“Solar and wind produce cheaper energy than fossil fuels. This should make them ubiquitous, but they’re held back by an obvious flaw: they produce too much energy when demand is low and not enough when it’s high. Batteries could fix this, but alone aren’t economical enough.
What can fix this problem is an ecosystem where solar/wind, batteries, and bitcoin mining co-exist to form a green grid that runs almost exclusively on renewable energy. Not only is this doable, it is doable without jeopardizing the sector’s profitability.”
Dorsey quote-tweeted the thread above stating, “Bitcoin incentivizes renewable energy.” Musk responded to Dorsey’s tweet with, “true.”
Bitcoin now consumes more energy than