this post was submitted on 03 Feb 2024
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Over 2 percent of the US’s electricity generation now goes to bitcoin (arstechnica.com)
submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world
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Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

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[–] makeasnek@lemmy.ml 1 points 9 months ago* (last edited 9 months ago) (3 children)

I'm not saying it doesn't impact the price, I'm saying it doesn't matter. Bitcoin's current price looks like a steal to me if it's going to be the underlying currency for the global economy.

All currency is speculated on. The market finds the right price. Then it corrects. The price goes up and down. That's how markets work. The USD is guaranteed to lose value and buying power over time due to an inflationary supply. That's not even throwing in the US's declining role as a global currency hegemon and the reduced demand it causes.

Bitcoin? It could go up or down relative to other currencies or goods, but my portion of the supply relative to the whole will always be the same. That's why I buy bitcoin.