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Lessons From The “This Machine Greens” Bitcoin Documentary, Pt 1: Net Positive

  • September 17, 2021
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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What does the “This Machine Greens” title suggest? It’s a documentary about Bitcoin mining. The thesis is that the process is “a net positive for the environment.” The aim was to “dispels many of the misconceptions about Bitcoin mining.” Can the team behind “This Machine Greens” present a sufficiently well thought out case to convince the public of this idea? Can they convince you, that are already familiar with Bitcoin?

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In the video’s information box, the authors present the documentary and some of the key players involved:

“This Machine Greens, presented by Swan Bitcoin, is a documentary that explores Bitcoin’s complex and nuanced relationship with energy. The film is produced by Enrique Posner and directed by award-winning British filmmaker Jamie King whose Steal This Film series (2006-2010) was one of the most downloaded documentaries of all time.”

The talking heads are Bitcoin Twitter royalty: Lyn Alden, Alex Gladstein, Meltem Demirors, Nic Carter, Caitlin Long, Samson Mow, Magdalena Gronowska, Greg Foss, Adam Ortolf, and Hass McCook.

 

Watch “This Machine Greens” And You’ll Learn:

Why gold is valuable? How did it become our ultimate choice for the role of money? “Inherently, what gold is, is Proof-Of-Work,” explains Lyn Alden. The documentary will also answer this burning question: What’s the point of a currency without intermediaries? And the narrator will teach you that “Today, a single person in the west enjoys the energetic equivalent of 600 humans working for them”

Watch “This Machine Greens” to learn how the US Military literally backs the Petrodollar. And, of course, the US Military uses infinite energy year after year. Learn about the deal that the US made with Saudi Arabia. The US was to protect the Middle East. The Saudis promised that “The global oil market will be denominated in and conducted with dollars. Ensuring a constant global demand for the currency.” Think about the results of this crucial deal.

BTCUSD price chart for 09/17/2021 - TradingView

BTC price chart for 09/17/2021 on FXCM | Source: BTC/USD on TradingView.com

When It Comes To Mining, “This Machine Greens” States That:

How much energy does the Bitcoin network consume at the moment? “Our best guess is around 100 to 150 terawatt-hours of electricity per year. And this comes from making an informed guess as to the kinds of machines that are active in the Bitcoin network and their energy consumption,” says Nic Carter.

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However, Bitcoin miners are heavily incentivized to seek cheap sources of energy. And renewables are usually cheaper because they’re efficient forms of energy. However, you have to get close to the source to use them. Bitcoin mining, as an industry, is very mobile. The miners are able to go where the power is. So, as Magdalena Gronowska says, “They’ve been shifting towards renewables because It makes economic sense.”

It’s also worth noting what Caitlin Long says, “A lot of the energy that the Bitcoin network is consuming is wasted energy that otherwise was not available to be consumed.” Watch the documentary to see real-life examples of Bitcoin miners that use natural gas that’s usually flared to power their rigs. Bitcoin provides an economic incentive to find and release clean energy. Or, as the narrator says, “The search for Bitcoin appears to lead to greener and more efficient energy production.”

Let’s also remember what Meltem Demirors says, “Christmas lights, in the United States alone, consume more power than the entirety of the Bitcoin network.”

Featured Image: "This Machine Greens" logo | Charts by TradingView
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