Because the headlines pile up about Bitcoin’s calamitous environmental affect, one group of traders and supporters have stepped as much as the plate to defend the world’s largest digital asset with the assistance of a crowdfunded, FUD-fighting documentary movie.
First introduced by investor, podcast host, and Bitcoin fanatic Brad Mills on Twitter, the objective of the movie is to behave as a “definitive” argument for “why Bitcoin will transition the world to renewable energy faster than governments.”
I discovered the filmmaker (@jamie_jk) to make the definitive brief movie on why Bitcoin will transition the world to renewable power sooner than governments.
It’ll solely price $20-30k for knowledgeable mini-doc on BTC power FUD.
— Brad Mills ✍️ (@bradmillscan) May 14, 2021
Mills’ alternative of director is Jamie King, greatest identified for STEAL THIS FILM — a documentary sequence about BitTorrent and one of many earliest examples of a crowdfunded, free-to-share effort. In an interview with Cointelegraph, King stated that the narrative about Bitcoin’s power consumption pushed him into motion.
“The thought for this new challenge, which we’re elevating funds for proper now, took place because of the growing quantity of consideration being paid to Bitcoin’s power utilization,” King stated. “Clearly this got here to a head with Elon’s announcement about not accepting BTC for his automobiles in the intervening time — however it’s additionally a bit of ‘FUD’ we’re seeing repeated with larger and larger depth.”
Earlier within the week, billionaire Elon Musk Tweeted that his firm Tesla would no longer accept Bitcoin for payments — a remark that set off accusations of hypocrisy, however whose contents have been echoed loudly within the mainstream media.
Regardless of Elon’s gripes, specifics about how a lot “soiled” power Bitcoin consumes is troublesome to calculate, nonetheless, and even estimates based off of Chinese consumption could solely paint a tough image.
Regardless, King and crew aren’t making an attempt to argue that Bitcoin is clear, inexperienced tech.
“I believe it is necessary to acknowledge Bitcoin makes use of power. Loads of it. That is a part of its design,” says King. “The query we have to ask is: is it value it.”
To be clear, I strongly imagine in crypto, however it could actually’t drive an enormous enhance in fossil gasoline use, particularly coal
— Elon Musk (@elonmusk) May 13, 2021
King stated that those that instinctively reply “no” to that query possible haven’t finished their analysis, and that “in a broader social, political and financial context” the case for Bitcoin’s energy consumption is self-evident.
To this point the neighborhood has responded warmly, elevating .5 BTC in simply 48 hours. King additionally notes that whereas Bitcoin’s Lightning Network hasn’t seen the adoption some hoped for, after the challenge opened as much as Lightning donations small backers started pouring in.
“I suppose what we will see is that Lightning could be very actual for small Bitcoin donations, I’m glad to say,” he joked.
Ultimately, King’s objective isn’t to fling mud again on the FUD-sters, however as a substitute to teach and elevate.
“I do not simply wish to counter the concept this can be a ‘waste of power’, however make one thing that conjures up folks about simply what a tremendous factor Bitcoin is. FUD-busting with the next goal!”