- Robert Kennedy highlighted that the Bitcoin environmental argument should not be used against its adoption of financial freedom.
- Experts believe Bitcoin mining and renewable energy are symbiotically related irrespective of government tax cuts.
The Bitcoin (BTC) market has received different regulatory opinions due to its Proof-of-Work (PoW) consensus mechanism. With its mining hash rate as of Monday at about 357.34 (EH/s) and difficulty at around 52.33 (T), experts have argued on its impact on the environmental conservative measures.
Furthermore, the carbon footprint from the electricity production used to meet the Bitcoin mining sector cannot be ignored. Resultantly, tech billionaire and Tesla Inc. CEO Elon Musk temporarily suspended the use of Bitcoin to purchase electric vehicles until more renewable energy sources are used in its mining industry.
Robert Kennedy Argues for Bitcoin Adoption Irrespective of Environmental Effects
Environmental lawyer and United States Democratic Presidential candidate in the 2024 election, Robert F Kennedy Jr. has reiterated that Bitcoin is good for the benefit of investors and now also for the environment.
A recent thesis presented by Daniel Feldman, director at Sangha Systems, highlighted that the symbiotic relationship between Bitcoin mining and renewable energy not only solves the problem but also makes the other better.
Interesting argument that bitcoin not so bad for the environment after all. At the very least, environmental argument should not be used as smokescreen to curtail freedom to transact. #Kennedy24https://t.co/0BNbIJ9eoD
— Robert F. Kennedy Jr (@RobertKennedyJr) July 30, 2023
Notably, Feldman and his colleagues argued that Bitcoin mining is a solution to improve the electricity grid and also lessen the reliance on fossil fuels in contrast to popular beliefs. The argument was based on the idea that renewable energy sources face financial constraints when local electricity demand is low. Furthermore, electricity is not like commodities like gold, grains, gas, or spices to be stored in warehouses or shipped in different geographical markets.
Feldman added that the constraints in renewable energy sources will worsen and not improve over time. As a result, he believes Bitcoin mining creates a global electricity market that will encourage investment into renewable energy projects with a new revenue frontier. Feldman noted.
Instead of a market restricted by wires and poles, as Spencer says, ‘renewable energy companies can utilize 0s and 1s to sell electricity into a location-agnostic, instantaneous, highly liquid marketplace.
Undeniably, renewable sources are mostly developed in highly remote areas, far from cities where electricity demand is high.
With increased tax cuts, more production is enhanced in favor of distribution to the consumers. Consequently, the connection between renewable sources and Bitcoin mining helps investors improve the electricity grid system. Moreover, renewable sources can be used to meet consumer demands and switched to Bitcoin mining at low consumer demands.
New investment leads to more renewable energy sites and better transmission infrastructure, allowing more power to be driven to the grid, during peak pricing / demand times. This will lower peaks bringing savings to the end consumer, including household retail users.
— Daniel Feldman (@dannyfeld23) July 26, 2023
Bigger Picture
Notably, Robert Kennedy has argued that Bitcoin will help bridge the wealth gap between the ultra-rich billionaires, who were mostly created during the Covid-19 pandemic, and the middle class. As a result, the American politician recently purchased 2 Bitcoins for each of his seven children. The move has increased his appeal to the electorate who have significantly invested in the Bitcoin market.
Recommended for you:
- Buy Bitcoin Guide
- Bitcoin Wallet Tutorial
- Check 24-hour Bitcoin Price
- More Bitcoin News
- What is Bitcoin?
Subscribe to our daily newsletter!
No spam, no lies, only insights. You can unsubscribe at any time.
