This week Justin Ballard, (the Bitcoin Lawyer) gives us a 101 in all things bitcoin.
Here are three things we learned:
Bitcoin mining brings prosperity to third-world countries: Monetizes grid infrastructure in areas that wouldn’t normally have access to power. A great example of this is Gridless Compute, which enables cheap and reliable energy in Kenya.
Bitcoin mining lowers emissions in oil and gas: Flaring is a major cause of waste and emissions. Bitcoin mining uses that flared gas as power instead of polluting the air.
Bitcoin mining eliminates wasted renewable energy: As renewable energy sources such as solar and wind power can be inconsistent and unpredictable, it can be difficult to store the excess energy they generate. By using this energy to power bitcoin mining operations, it can be put to good use instead of being wasted.