This group brings together the best thinkers on energy and climate. Join us for smart, insightful posts and conversations about where the energy industry is and where it is going.

Seb Kennedy's picture
Founding Editor Energy Flux newsletter

I am professional energy journalist, writer and editor who has been chronicling the renewables and fossil fuel energy sectors since 2008.  I am passionate about the energy transition, so much so...

  • Member since 2020
  • 103 items added with 54,178 views
  • Apr 9, 2021

Bitcoin’s spiralling energy consumption promises to disrupt upstream energy production in all manner of ways. Some of them could be very positive, yet the energy industry is barely starting to engage with the technology.

If bitcoin achieves its full potential and replaces fiat currencies around the world – the so-called ‘hyperbitcoinisation’ of the economy that bitcoin acolytes eulogise about – then early adopters will essentially replace central banks at the heart of this new digital financial ecosystem.

Energy incumbents are in a privileged position to take a big slice of that market, but short-termism and a lack of vision seem to be standing in the way.

Read more about the fascinating role that bitcoin could play in the energy transition in the latest fortnightly deep-dive from Energy Flux.

Sign up for free at

Premium membership options also available - lock in a steep lifetime discount before the end of April:

Matt Chester's picture
Matt Chester on Apr 12, 2021

Energy incumbents are in a privileged position to take a big slice of that market, but short-termism and a lack of vision seem to be standing in the way.

Is it fair to call this purely lack of foresight or maybe is it more uncertainty and not being willing to 'bet' on this direction of markets moving without being sure that's where things will end up? 

Seb Kennedy's picture
Seb Kennedy on Apr 12, 2021

You could argue that "uncertainty" and "lack of foresight" are two sides of the same coin: reverse them, and you have "certainty" versus "foresight". These characteristics speak to one enduring quality: conviction. If you act (and invest) with conviction, in a small way you help to create the future you want to see.

Listening to the tech guys trying to lease mobile bitcoin mining rigs to oil companies, their conviction comes across very strongly. And the way they talk about their conversations with oil executives, it seems that a lot of these guys are (understandably) preoccupied with immediate concerns such as: cash flow, short term liabilities, corporate solvency.

That might have changed a bit with the oil price recovery, but there is a culture of short termism among too many listed oil companies. Execs are rewarded for short term wins, even those that are detrimental to long term shareholder value. That's why Wall Street hates the shale patch.

Imagine if there was a wholesale shift in the way these oil guys think, act and invest. Imagine if they had a credible view of what the future might look like, and their role in it. I think this gets to the nub of the issue: they don't have a clue what to do, and are winging it from one day to the next!

Seb Kennedy's picture
Thank Seb for the Post!
Energy Central contributors share their experience and insights for the benefit of other Members (like you). Please show them your appreciation by leaving a comment, 'liking' this post, or following this Member.
More posts from this member

Get Published - Build a Following

The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.

If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.

                 Learn more about posting on Energy Central »