Because the headlines pile up about Bitcoin’s calamitous environmental affect, one group of buyers and supporters have stepped as much as the plate to defend the world’s largest digital asset with the assistance of a crowdfunded, FUD-fighting documentary movie.
First introduced by investor, podcast host, and Bitcoin fanatic Brad Mills on Twitter, the purpose of the movie is to behave as a “definitive” argument for “why Bitcoin will transition the world to renewable energy faster than governments.”
I discovered the filmmaker (@jamie_jk) to make the definitive brief movie on why Bitcoin will transition the world to renewable vitality sooner than governments.
It’ll solely value $20-30k for an expert mini-doc on BTC vitality FUD.
— Brad Mills ✍️ (@bradmillscan) May 14, 2021
Mills’ selection of director is Jamie King, finest identified for STEAL THIS FILM — a documentary sequence about BitTorrent and one of many earliest examples of a crowdfunded, free-to-share effort. In an interview with Cointelegraph, King mentioned that the narrative about Bitcoin’s vitality consumption pushed him into motion.
“The concept for this new challenge, which we’re elevating funds for proper now, happened because of the rising quantity of consideration being paid to Bitcoin’s vitality utilization,” King mentioned. “Clearly this got here to a head with Elon’s announcement about not accepting BTC for his vehicles in the interim — but it surely’s additionally a chunk of ‘FUD’ we’re seeing repeated with better and better depth.”
Earlier within the week, billionaire Elon Musk Tweeted that his firm Tesla would no longer accept Bitcoin for payments — a remark that set off accusations of hypocrisy, however whose contents have been echoed loudly within the mainstream media.
Regardless of Elon’s gripes, specifics about how a lot “soiled” vitality Bitcoin consumes is tough to calculate, nevertheless, and even estimates based off of Chinese consumption could solely paint a tough image.
Regardless, King and crew aren’t making an attempt to argue that Bitcoin is clear, inexperienced tech.
“I feel it is vital to acknowledge Bitcoin makes use of vitality. A number of it. That is a part of its design,” says King. “The query we have to ask is: is it value it.”
To be clear, I strongly imagine in crypto, however it could possibly’t drive a large improve in fossil gas use, particularly coal
— Elon Musk (@elonmusk) May 13, 2021
King mentioned that those that instinctively reply “no” to that query seemingly haven’t executed their analysis, and that “in a broader social, political and financial context” the case for Bitcoin’s energy consumption is self-evident.
To this point the group has responded warmly, elevating .5 BTC in simply 48 hours. King additionally notes that whereas Bitcoin’s Lightning Network hasn’t seen the adoption some hoped for, after the challenge opened as much as Lightning donations small backers started pouring in.
“I suppose what we will see is that Lightning may be very actual for small Bitcoin donations, I’m glad to say,” he joked.
Ultimately, King’s purpose isn’t to fling mud again on the FUD-sters, however as an alternative to coach and elevate.
“I do not simply need to counter the concept this can be a ‘waste of vitality’, however make one thing that conjures up individuals about simply what an incredible factor Bitcoin is. FUD-busting with the next goal!”