Democratic Presidential candidate Robert F. Kennedy recently expressed his support for Bitcoin, despite the cryptocurrency receiving little mainstream political backing. RFK believes that arguments against Bitcoin's adoption based on environmental concerns are simply a pretext to restrict financial freedom. In response to a tweet by Feldman, RFK stated that "environmental arguments should be used as a smokescreen to curtail freedom to transact." RFK is a BTC holder and has previously announced his intention to convert USD to hard currency backed by assets such as BTC.
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US Candidate Defends Bitcoin, Criticizes Environmental Opponents Bitcoin And The Environment
Bitcoin adoption faces a challenge due to concerns about its environmental impact. Critics claim that bitcoin mining consumes significant amounts of energy, which is harmful to the environment. However, despite being energy-intensive, bitcoin mining currently uses more renewable energy than ever before. US Candidate Defends Bitcoin, Criticizes Environmental Opponents
Director of Sangha Systems, Daniel Feldman, believes that there is a mutually beneficial relationship between bitcoin and renewable energy. Feldman agrees with the notion that bitcoin mining can help boost the electric grid and reduce dependence on fossil fuels. However, he notes that most renewable energy sites are not profitable without government subsidies.
Tax credit subsidies can cause market distortions and are often managed by banks that receive government bailouts during financial crises. This goes against the principles of Bitcoin, which seeks to provide people with financial freedom from traditional banking institutions.
Renewable energy sites face challenges such as curtailment and congestion due to the lack of global markets to sell to during periods of low demand. However, Bitcoin can help solve this problem by offering a universal market for electricity, which in turn can increase investments in renewable energy projects.
A Look Into BTC Energy Usage
The green energy industry often advocates for the use of renewable energy in crypto mining operations due to its flexibility. However, this stance is met with opposition from some media outlets and politicians who argue that Bitcoin mining is environmentally damaging.
Data from Cambridge University estimates that global Bitcoin mining activities consume 137 terawatt hours (TW/h) of energy per year. This amount is higher than Ukraine's energy usage of 134 TW/h. In comparison, the electricity distribution and transmission losses in the US could power Bitcoin mining 1.5 times over, with 206 TW/h per year.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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