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Save the environment, stop buying and promoting Bitcoin!

Mike “Mish” Shedlock's Sitka Pacific Capital Management,Llc

This post is a short rebuttal to one of the sillier Bitcoin Tweets of the day.

Please consider the following nonsensical idea that Bitcoin is somehow good for the environment.

"Bitcoiners are incentivized to upgrade the degrading electrical grid."

Silly for Two Reasons

Upgrading the grid would do nothing to decrease energy consumption.
Bitcoiners cannot do a damn thing about energy usage except by halting purchases and letting the price crash.

A price crash would drive more miners out of business, lower the hash rate, and reduce the energy consumption in mining.

I suggest a new battle cry: "Save the Environment, Stop Buying Bitcoin!"^TM

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This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.