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Laurence Blair makes the point that even mining on renewable electricity competes with more beneficial uses in How one of South America’s biggest dams became a Bitcoin battleground:
"Bitcoin mining “doesn’t contribute to the industrial development of our country,” said Mercedes Canese, a former head of Paraguay’s Viceministry of Mines and Energy. To her, the discounted rate at which Villarrica’s CLYFSA buys energy from ANDE, the state electricity utility, means everyday Paraguayans are unfairly “subsidizing” the company, and by extension local miners — in 2018, that “subsidy” was worth more than $2 million.
The miners “basically don’t add value,” Canese added, pointing to population growth estimates that suggest Paraguay’s energy surplus will run out in around 15 years. Drought linked to climate change is already sapping Itaipú’s output."
Jan 15, 2022, 4:38:21 PM
Posted to Talk at TTI/Vanguard Conference