Self-storage is essential to protect Bitcoin mining
Ryan Selkis, Chief Executive Officer (CEO) of blockchain market intelligence provider Messari declared in his 11-thread tweet that self-storage among other factors is essential to protect Bitcoin (BTC) mining. To put it into perspective, Selkis stated that,
“Bitcoin is 50% of the non-stablecoin market. Protection of bitcoin mining, self-storage, development and surrounding infrastructure is essential.”
Cryptomining has been subject to severe discrimination from many jurisdictions. Several countries have frowned upon the practice of mentioning the amount of electricity consumed in the process. Last year, the CEO and co-founder of the Satoshi Action Fund was Dennis Porter accused Public Utility Commission of Idaho for discriminating against BTC mining. This charge came as a result of the special electricity price approved for crypto mining facilities.
Further corroborating Porter’s claim, Idaho-based mining company GeoBitmine declared that the new rates were discriminatory.
The Public Utilities Commission has hinged its decision to change the electricity price for mining facilities on the fact that they are data center companies. Based on the new price, such Bitcoin mining facilities will be exposed to 225 hours of power outages per year instead of electricity for the entire year.
Strengthens Bitcoin mining arguments
On the contrary, some crypto experts have argued that BTC mining can do more good than harm if they get the essential resources. Popular BTC lawyer, Willy Woo clarified that BTC miners will need more energy if they intend to make a tangible impact, especially if it were to switch to renewable sources. Another BTC influencer known as Daniel Batten explained this further.
“For a renewable revolution to happen, the grid needs to generate 3 times more electricity. This is documented in Saul Griffith’s book ‘Electrify Everything’. This requires 3 times the electricity demand,” Batten tweeted. “More flexible energy consumers who support renewable development and play nice with other consumers = good”
Adding to the already difficult situation where BTC miners are self-funding, the Biden administration is trying to impose a 30% tax on the cost of electricity used for mining in the US. Meanwhile, the White House is still lobbying to ensure it is included in the next federal budget.
