"Oh, but electricity--" or "look at other stuff" is the first thing I hear whenever I publish an article about how Bitcoin is doomed. Guys, you are right, there are many other things causing electricity waste. Except Bitcoin mining is different to everything else, or at least this is what I theorize in this post, which relates directly to current events. Unfortunately, I think I'm right more than ever. Most oligarchy and governments agree. I wish I were wrong.
First of all, a quick reminder and explanation of something important to the rest of this article: Bitcoin mining is centralized. Who cares if "anyone can mine"? Most mining rigs belong only to a few people. There are very few places on Earth where mining is profitable. Some gigantic farms are located in China, where electricity is nearly free. Recent news put this under the spotlight just a few months ago.
Secondly, when it comes to greenhouse gases, there are super villains and there are thugs. Ever since the ozone layer hole was detected, the world's industries have come together to effectively reduce it. They've been successful, but their plan require everyone to get along. This isn't happening, and it's because of Chinese farms. New CFC-12 and CFC-13 emissions have been detected. CFC-13 is 16 thousands times worse than CO2!
So CFC-12 and CFC-13 are super villains, while CO2 is a small thug. Yes, CO2 is still being produced in massive quantities, but not enough to damage the ozone layer. Major legal emissions are mostly under control. The ozone layer has been recovering. But CFC-12 and CFC-13 emissions nullify this plan. What is their link with mining farms? Do you know what produces them? Old refrigeration. You see, that's what made bitcoin mining so profitable to these miners - they use very cheap cooling equipment. The kind of cooling that has seen production bans because of how hazardous they are.
China is being pressured, and it's probably going to ban all mining soon. The consequences of this lead up to Bitcoin's final demise. I've already talked about how Current events point to the mid-term death of Bitcoin, check it out if you want more details. The end of mining is the main reason cryptocurrencies in general have mostly switched out of proof-of-work. Hopefully, when this finally happens, our summers and winters can slowly get back to tolerable temperatures. But we should pay attention to the media - we don't want people to blame other cryptos too.
