World Economic Forum Champions Green Bitcoin Mining Practices

What's up Sons it's blind rod with son Of a tech once again and the world Economic forum is sending mixed signals Surrounding Bitcoin and specifically Bitcoin mining proof of work is a really Interesting topic to discuss because What we are basically seeing is an Advocacy for the basically the efficient Use of energy for data centers coming From the wef also known as the world Economic Forum but not so much in Releasing to bitcoin however their Examples are utilizing processes that Have been basically Pioneered by the Bitcoin mining industry Let's get into it right after a word From today's sponsor today's sponsor is Coastal crypto Coastal crypto can be Found at Coastalcryptomining.com Via the Affiliate link down in the description Below they don't want to take up a lot Of your time and neither do I because I Want to get into the video they're here To help miners find parts if you're Looking for Asics or even gpus or any Other parts be sure to check them out Use promo code soat at checkout for five Percent off any purchase on the website Welcome back so first things first back In January of 2018 the world economic Forum posted this it's a comparison of Proof of work versus proof of stake and It generally basically prefers proof of

I show You how To Make Huge Profits In A Short Time With Cryptos! I show You how To Make Huge Profits In A Short Time With Cryptos! Welcome to the Future of Money

Stakeover proof of work for these Reasons saying that proof of work is a Requirement to Define an expensive Computer calculation also called mining A reward is given to the first Miner who Solves each Block's problems and network Miners compete to be the first to find The solution for the mathematical Problem in comparison to proof of stake They say proof of stake the creator of a New block is chosen in a deterministic Way depending on its wealth also defined As a stake the proof of a stake system There is no are in the proof of work State approval State system there is no Block reward so the miners take the Transaction fees now this isn't actually Completely true there can still be block Rewards AKA an emission schedule for a Proof of stake algorithm and they would Generate basically both the transaction Fee as well as the block reward this is No different than if we were talking About proof of work eventually proof of Work will have no block reward if at Least in most cases right some outliers Like Dogecoin will continue emissions Forever and definitely best we can tell At this point but in the case of Bitcoin For example in the year 2140 Approximately somewhere around there Bitcoin will essentially run out of Block rewards and people will only Receive the transaction fees for or that

Are included in the block as the payment For the mining so a little bit of a Correction there and then finally it Does say proof of State currencies can Be several thousand times more cost Effective now cost effective To who would be the question here right Because when we're talking about cost Effectiveness you could say that the the Depending on the system proof of State Can be more cost effective for the end User than proof of work but as we've Seen with the recent migration of Ethereum from proof of work to proof of Stake this isn't proving out to be Accurate as we've seen still struggles On the ethereum network to basically Keep those Network fees under control It's definitely still expensive to Transact for the end user on ethereum so I think that's been debunked at this Time here's where things get extremely Interesting and I'm actually going to Watch this video with you guys but a new Video has come out and it's from the World economic forum and it's talking About basically the environmental Benefits of data centers not directly Bitcoin but if you are a Bitcoin Enthusiast you'll notice where these Technologies are coming from So let's hop into it [Music] Startup catches wasted methane aligning

The future of computing with the future Of the questions problems we're focused On on emission reduction is called Flaring uh flaring happens either in the Oil field or in landfills where you have This waste stream of gas that's Associated with oil production or uh you Know happens from decomposition of Landfill Is not always economically or Logistically feasible to get these Flares into a pipeline so companies Burn It On Location resulting in highly Damaging also does is we actually uh Build operate and manage these movable Molecular data centers yeah These waste sources of energy Um and then we we use those those waste Methane streams uh to power but you Notice they called it data centers he Called it data centers but then showed a Clear picture of an Asic Miner there Which by and large this industry of Capturing flare gas and utilizing a Natural gas generator to clean up the Emissions and then utilize it to Generate power for Bitcoin mining has Been for Bitcoin mining not for data Centers at least up until this point Data Setters and so by doing that not Only do we create a massive emission Reduction from this previously uh wasted Source of energy but we can also produce Ultra low-cost compute infrastructure by

Harnessing uh this this otherwise Stranded form of energy all pictures all Pictures of mining facilities here since Methane is one of the most potent Greenhouse gases trapping 80 times more Heat than CO2 over a 20-year period Meanwhile data centers are growing Ecological issue by 2030 they could Consume eight percent of the global Electricity up from one to one point Five percent today lockmiller says Cruso's business model is a win-win it Says fossil fuel companies the money of Either operating of either operating a Flare or displaced what was that or Disposing of it while improving their Environmental performance instead of Shelling out they receive a dividend From Crusoe who gain a cheap source of Energy To create extremely low-cost data Centers that are clearly Asic miners Here Foreign ER of all of it is the environment which Is saved from harmful emissions so the Biggest Uh propos or the biggest uh advocate For this sort of Uh It's just crazy The sorry the largest centers here Appear to be Bitcoin Asic mining Farms Which is crazy I don't know it's nutty

Flares happen all over the world so Crusoe planned to expand internationally [Music] Prisa is part of the world economic Forum's innovator communities how else Can we sustainably power the Computing Revolution [Music] So this very odd mixed signal kind of Video from the world economic Forum Almost coming out in support of Bitcoin But not directly right as mentioned by Christine craneley here on Twitter she Says at wsef promoting mining without Using the b word Bitcoin Source below And then says to contrast that with the Tone of the New York Times hit piece Same topic different emotional Experience they are trying to deliver But as you can see all the pictures here Once again are Asic mining chips so what Is really going on here that's the Question is this actually a proponent of Utilizing flare gases for crypto mining Is it in support of it or is it trying To reframe this to start being utilized With data centers or do you have to be a Part of the world economic Forum to be Approved For basically utilizing these sort of Waste reducing Technologies and if you Are not then it's just deemed bad for The environment as a whole another thing That I wanted to mention and go back to

On this particular slide too is the Biggest kind of takeaway from this Comparison of proof of work to proof of Stake is in the process of mining you're Utilizing equipment that you could Purchase for Fiat or whatever it may be Bitcoin crypto however you want and then That generates the coin so your Inlet is Power right you're Inlet to wealth Within proof of work is power you're Inlet to wealth within proof of stake is Going to be Fiat and I think these Inlet Or these inflows are really what's going To determine favorable regulation or not I think this is why you see Gary Gensler's cop skipping and jumping Around the question of whether or not Ethereum is a security because ethereum From an inlet an outlet perspective is Still going to be now that it's moved to Proof of stake based around some sort of Fiat currency to enable it right if you Want to start staking ethereum you're Going to have some inflow that is Facilitated by Fiat whereas with proof Of work you don't have to have that Inlet of Fiat sure you could utilize That to purchase the equipment but you Could also purchase the equipment with Cryptocurrency directly let me know what You guys think about this in the comment Section below does it look like we're Starting to see a shift from the world Economic Forum that is favorable to

Bitcoin mining if so does that apply to Home buyers and go down flow down Properly or do you think that it's going To kind of get it into a position where It's trying to be more centralized Around regulated companies that are Allowed to perform this type of thing And other people will not be able to Participate I'd like to hear your Thoughts also leave a like comment and Subscribe down below check out some of Thetech.com for my crypto mining E-course as well as checking out son of A tech.locals.com for my daily moves and Mining I'll see you next Tuesday

You May Also Like