{"id":545202,"date":"2023-07-31T16:00:12","date_gmt":"2023-07-31T16:00:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=545202"},"modified":"2024-06-11T08:06:38","modified_gmt":"2024-06-11T08:06:38","slug":"us-presidential-candidate-defends-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/us-presidential-candidate-defends-bitcoin\/","title":{"rendered":"US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics"},"content":{"rendered":"<p><span style=\"font-weight: 400\">For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate Robert F. Kennedy <\/span><a href=\"https:\/\/twitter.com\/RobertKennedyJr\/status\/28028928?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">spoke<\/span><\/a><span style=\"font-weight: 400\"> out in support of the cryptocurrency. According to RFK, arguments against adopting Bitcoin due to perceived environmental impact are merely a cover to curtail financial freedom.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Responding to the tweet by Feldman, RFK <\/span><a href=\"https:\/\/twitter.com\/RobertKennedyJr\/status\/28028928\" rel=\"nofollow\"><span style=\"font-weight: 400\">stated <\/span><\/a><span style=\"font-weight: 400\">that \u201c&#8230; environmental arguments should be used as a smokescreen to curtail freedom to transact.\u201d RFK, who is a holder of BTC, has previously <\/span><a href=\"https:\/\/beincrypto.com\/presidential-candidate-rfk-jr-dollars-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">disclosed<\/span><\/a><span style=\"font-weight: 400\"> his intention to return the USD to hard currency backed with assets such as BTC.<\/span><\/p>\n<h2>Bitcoin And The Environment<span style=\"font-weight: 400\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">One of the challenges of Bitcoin adoption is the <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-mining-difficulty-hits-all-time-high-for-the-4th-time-in-2023-heres-why\/?swcfpc=1\"><span style=\"font-weight: 400\">perceived threat it poses to the environment<\/span><\/a><span style=\"font-weight: 400\">. According to anti-crypto campaigners and politicians, bitcoin mining is harmful due to its high energy requirement.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/binance\/binance-moves-forward-with-new-license-in-dubai\/?swcfpc=1\">Ahead Of The Pack: Binance Moves Forward With New License in Dubai<\/a><\/div>\n<p><span style=\"font-weight: 400\">This argument is a prominent position within the political and environmental protection ecosystem, so much so that campaigners like Greenpeace have accused BTC of destroying the planet. However, while Bitcoin mining is energy-intensive, it utilizes more <\/span><a href=\"https:\/\/bitcoinist.com\/how-bitcoin-mining-mitigate-renewable-energy-waste\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">renewable energy<\/span><\/a><span style=\"font-weight: 400\"> presently than ever before.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This position was further reiterated by Daniel Feldman, director of Sangha Systems. According to him, there exists a \u201csymbiotic relationship\u201d between Bitcoin and renewable energy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Agreeing with the popular Democratic candidate, Feldman noted that bitcoin mining offers a solution to boost the electric grid and limit dependence on fossil fuels. He, however, noted that \u201cmost renewable energy sites are not profitable without government subsidies.\u201d\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/HhxCu8yn\/\" alt=\"Bitcoin (BTC) price chart from Tradingview.com\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">BTC price maintains tight range at $29,450 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">Subsidies in the form of tax credits generate market distortions and the flow of these credits is managed by banks who are often bailed out by governments during financial crises, the very banks that Bitcoin seeks to free people from.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Feldman, renewable energy sites experience curtailment and congestion challenges due to the absence of global markets to sell to during demand troughs. BTC solves this challenge by <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/calls-for-tesla-to-resume-bitcoin-payments-as-mining-reaches-57-renewable-energy\/?swcfpc=1\"><span style=\"font-weight: 400\">providing a universal market for electricity <\/span><\/a><span style=\"font-weight: 400\">that will boost investments in renewable energy projects.<\/span><\/p>\n<h2>A Look Into BTC Energy Usage<\/h2>\n<p><span style=\"font-weight: 400\">Renewable energy arguments are popular within the green energy industry as they continually seek the flexibility offered by crypto mining operations. However, they are still faced with serious opposition from the media and the political establishment, who believe BTC mining will boil the planet.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/new-ethereum-wallets-before-theyre-dumped\/?swcfpc=1\">Here\u2019s How Long The Majority Of New Ethereum Wallets Are Used Before They\u2019re Dumped<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to data obtained from <\/span><a href=\"https:\/\/ccaf.io\/cbnsi\/cbeci\/comparisons\" rel=\"nofollow\"><span style=\"font-weight: 400\">Cambridge University<\/span><\/a><span style=\"font-weight: 400\">, it is estimated that global BTC mining activities are currently pegged at 137 TW\/h (terawatt hours) per year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This figure surpasses the energy usage of countries such as Ukraine, which utilizes 134 TW\/h. In contrast, the electricity distribution and transmission losses in the US are sufficient to power BTC 1.5 times with 206 TW\/h per year.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Sky News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate Robert F. Kennedy spoke out in support of the cryptocurrency. According to RFK, arguments against adopting Bitcoin due to perceived environmental impact are merely a cover to curtail financial freedom.\u00a0 Responding to the tweet by Feldman, RFK stated that \u201c&#8230; environmental arguments should be used as a smokescreen to curtail freedom to transact.\u201d RFK, who is a holder of BTC, has previously disclosed his intention to return the USD to hard currency backed with assets such as BTC. Bitcoin And The Environment\u00a0 One of the challenges of Bitcoin adoption is the perceived threat it poses to the environment. According to anti-crypto campaigners and politicians, bitcoin mining is harmful due to its high energy requirement.\u00a0 Related Reading: Ahead Of The Pack: Binance Moves Forward With New License in Dubai This argument is a prominent position within the political and environmental protection ecosystem, so much so that campaigners like Greenpeace have accused BTC of destroying the planet. However, while Bitcoin mining is energy-intensive, it utilizes more renewable energy presently than ever before.\u00a0 This position was further reiterated by Daniel Feldman, director of Sangha Systems. According to him, there exists a \u201csymbiotic relationship\u201d between Bitcoin and renewable energy.\u00a0 Agreeing with the popular Democratic candidate, Feldman noted that bitcoin mining offers a solution to boost the electric grid and limit dependence on fossil fuels. He, however, noted that \u201cmost renewable energy sites are not profitable without government subsidies.\u201d\u00a0 BTC price maintains tight range at $29,450 | Source: BTCUSD on Tradingview.com Subsidies in the form of tax credits generate market distortions and the flow of these credits is managed by banks who are often bailed out by governments during financial crises, the very banks that Bitcoin seeks to free people from. According to Feldman, renewable energy sites experience curtailment and congestion challenges due to the absence of global markets to sell to during demand troughs. BTC solves this challenge by providing a universal market for electricity that will boost investments in renewable energy projects. A Look Into BTC Energy Usage Renewable energy arguments are popular within the green energy industry as they continually seek the flexibility offered by crypto mining operations. However, they are still faced with serious opposition from the media and the political establishment, who believe BTC mining will boil the planet.\u00a0 Related Reading: Here\u2019s How Long The Majority Of New Ethereum Wallets Are Used Before They\u2019re Dumped According to data obtained from Cambridge University, it is estimated that global BTC mining activities are currently pegged at 137 TW\/h (terawatt hours) per year.\u00a0 This figure surpasses the energy usage of countries such as Ukraine, which utilizes 134 TW\/h. In contrast, the electricity distribution and transmission losses in the US are sufficient to power BTC 1.5 times with 206 TW\/h per year. Featured image from Sky News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88740,679,1119,1144,78790,88597],"class_list":["post-545202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-energy-usage","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-us-presidential-candidate"],"acf":[],"yoast_head":"\n<title>US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics<\/title>\n<meta name=\"description\" content=\"For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate\" \/>\n<meta name=\"robots\" content=\"index, follow, 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