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Bitcoin is oil. And it is on track to become a great oil, with all those who take delight in it as refugees on the planet and the villains in the fight against climate change. So says Bitcoin miner Ethan Lou in an article for The Guardian.
"The environmental impact of Bitcoin will haunt him, but nobody has pointed it out, but it's painfully clear: if we can predict the growth of a sector with a different one, oil is the crystal sphere of Bitcoin," writes Lou, who a facility in Calgary, Canada.
The total value of all cryptocurrencies is only one-tenth of the value of over $ 1 trillion of oil produced each year, he admits. But the International Energy Agency said global oil demand will peak by 2040 as the world seeks cleaner energy.
"It's not this day, but it could come a day when big oil shrinks or changes, becoming less a target for environmentalists, bitcoin is the natural next enemy," he says.
"Miners have a lot to think about – if not for the planet, so for survival – because this is a coming fight," concludes Lou.
