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 www.energyflux.news
Premium membership options also available - lock in a steep lifetime discount before the end of April: www.energyflux.news/subscribe