Bitcoin's Pullback and the Regulatory Concerns

<br> But I believe fully that Bitcoin over time and today does incentivize more renewable energy. We hear a lot about Bitcoin’s energy use. It may not be easy to understand at first, but you should take the time to find out as much as you can about it before you decide how you are going to use it in the future. Revault does not plan on building hardware wallets, we hope existing and upcoming manufacturers will implement a strong security that we could use for the Revault protocol users. ASIC miner is a special type of hardware used for mining Bitcoin and other kinds of cryptocurrencies. With a mining algorithm of SHA-256, this is the best Bitcoin mining hardware that gives a high hashrate of 198Th/s. It consumes a high power of 5445W. You might have to spend a lot of money on electricity bills every month after using this equipment. And I think it does incentivize more awareness around how we’re getting that power and gives people more freedom to convert unused, wasted power into something that provides value for billions of people around the world. I think that’s important for you to consider when you are reading these headlines about how Bitcoin is boiling the oceans, you need to think deeper. This is a nice example of how that’s probably not the case. I also wanted to share briefly this example of how it could benefit people in emerging markets. The Chinese people are still fighting that fight today, especially the Uyghur people, especially the Tibetan people, especially people in Hong Kong. 32 years ago today, these incredibly brave students in Tiananmen Square stood up for freedom. And you all at Square just put out a paper with Ark that described how actually, Bitcoin mining might incentivize the adoption of renewable energy and it may actually help unlock renewable sources that are stranded or otherwise unused around the world. They are going to start realizing that this can help bootstrap them into some energy independence. And it gave them a source of revenue that can allow them to bootstrap the rest of their operations. This is the one source that can be explored. This computation can be done in a split second. If a crowd is motivated, it can endure for a very long time, even if that means continually spending outside resources to do so.
The IRS has access to a number of resources that can help them identify whether or not someone has properly reported their crypto holdings and gains. This is going to happen in so many countries that can start unlocking solar, wind, renewable, you name it. Don’t you think that we’re going to benefit a little more than some other countries? I don’t know why it didn’t happen sooner but it’s just another lesson for any company trying to get into the space. And then there was this huge community backlash and the company was actually forced to come out with a video message and say ‘sorry, we’re definitely going to signal.’ They basically bent the knee to the community. Overall, the year 2022 has been a roller coaster, with many significant price drops, numerous company bankruptcies, scams, and fallout like FTX. J: It feels like it’s a cover for something e<br>g<br>g on.
Right, they said it’s going to be for bad people, we don’t want Americans to have privacy. I don’t actually hear that a lot from regulators. Isn’t Bitcoin’s free speech and property rights and sovereignty, don’t you think that vibes better with us than a closed, Communist police state? We need to think carefully about energy and waste and the environment but there’s more than meets the eye here and I’d encourage all of you to dig in and learn more about Bitcoin mining. A: Just a couple facts I’d throw out to the audience. A: I often think about how the world is focused on the micro-movements of the bitcoin exchange rate versus the dollar. One study found that from 2016 to 2021, each US dollar worth of bitcoin mined caused 35 cents worth of climate damage, comparable to the beef industry and the gasoline industry. I have one more thing to say. A: One of the interesting things about Bitcoin is ho<br>e incentives align.