Electric heating is 100% efficient.
I had to look up this fact multiple times before it really started to sink in.
https://www.energy.gov/energysaver/home-heating-systems/electric-resistance-heating
Electric resistance heating is 100% energy efficient in the sense that all the incoming electric energy is converted to heat. However, most electricity is produced from coal, gas, or oil generators that convert only about 30% of the fuel's energy into electricity.
Whenever you turn on any electrical appliance, the only electricity consumed in the process of operation is lost through resistance and converted into heat. This fun little fact has massive implications.
It is fitting that Omega is the symbol for resistance (ohms). Omega is the last letter of the Greek alphabet and often used as a metaphor for the end. Bitcoin is the beginning of the end for central banking.
Whether they like it or not, blockchain is coming for them. At first, they were in denial, but now they are confused, afraid, and lashing out. You don't oppose something with so much effort if it means nothing to you.
Kick it up a notch!
One of the big arguments against Bitcoin is that it "wastes energy". Yeah, most of us here know that this is ridiculous, but it might even be more ridiculous than you've considered.
All of that electricity being used to mine Bitcoin is being turned into heat. What happens to all this heat we are producing? The vast majority of it is being wasted. What happens when we stop wasting that heat?
Fried Green Bitcoin
What happens when:
warehouses filled with mining equipment are used to power generators to reclaim some of the energy lost?
homes start being outfitted with with central heating using mining equipment?
The answer is very simple: More decentralization. You can't repurpose the heat lost when all the mining equipment is centralized in a warehouse. However, every person I know has two things:
- Electric Heating
- An Internet Connection
These two variables make a lot of people candidates for Bitcoin heating. If you were going to spend the money to heat your house anyway, why wouldn't you also mine Bitcoin? Seems like a no-brainer. It doesn't even matter if you had old equipment with low hash power... because again... you were going to spend the money anyway. Mining Bitcoin is just icing on the cake.
All these bears are talking about how Bitcoin is going to die because mining is no longer profitable. Death spiral, yada yada yada. WRONG! It only becomes not profitable because the heat is being foolishly squandered and dissipates into the atmosphere.
I am not the first person to have this idea. It's already happening.
Bitcoin is going to make living in colder areas more desirable because you can save money on rent and actually make money heating the home.
Renewable energy
Bitcoin is also leading the way when it comes to finding cheap energy. If you can turn energy into money, obviously finding cheap energy is paramount.
Bitcoin allows anyone to start a solar power farm in the middle of the desert. Infrastructure used to be an issue. Are you going to have to build your own power lines? Once you have your solar power farm in the middle of the desert, how are you going to sell that energy? Make a deal with the current monopolies that control everything? No, thanks. That's a regulation nightmare and you'll have zero leverage in that situation.
Being able to have the option of converting the energy on-site into money is revolutionary. It gives groups the financial leverage required to produce renewable energy in areas never before possible. "Oh, you refuse to buy my energy for XYZ? Fine I'll just mine Bitcoin."
Again, how much does renewable energy cost? Once you've paid off the overhead: zero. These kinds of projects will only become more financially viable over time and we have proof-of-work to thank for that.
The tipping point is coming soon™.
P.S.
So apparently I have unknowingly quoted the Bible.
Revelations 22:
12. “Behold, I am coming quickly, and My reward is with Me, to give to each one according to what he has done.
13. I am the Alpha and the Omega, the First and the Last, the Beginning and the End.”
I just remembered that on Dec 25, 2017 I did a thought-experiment for Satoshi Nakamoto being Jesus.