That’s a great explanation of PoW, Pedro. But it leaves the question I’m asking unanswered. How on earth are we going to afford a planetary-scale PoW system once it gets big? And the idea that Bitcoin and the whole PoW system can be run exclusively from ‘excess’ power is truly magical thinking. Even if that was the case right now (is there any evidence that it is?) where is this excess going to come from as demand grows? You might find a few local markets where an excess exists (Jimmy names Iceland, truly an edge case), but there’s no excess of renewable power at the regional or global level and there won’t be at any point in the lifespan of Bitcoin. The science tells us we’re going to be scrabbling to keep demand down, to avoid passing 1.5°C, for essentially all of that period. Adding more pointless demand can only cripple that effort (and, tbh, what’s funniest of all about Jimmy’s video is that he weirdly fails to mention that there’s already a hardened payment system that can’t be rolled back, in fact there are dozens of them. I have a wallet full of them!)

I’m a trustee at the amazing Poppy Academy Trust, a social media editor in radio, a poet and a volunteer at Watford Refugees.

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