Dear Norway it is time to Mine! | Bitcoin Education

Video Transcript:

hello there and welcome to the hash power Academy my name is Jake scandin I’m the lead educator here at the Academy and the message of today’s video is dear Norway why are you not mining Bitcoin and using all of your beautiful hydr power and monetizing it by exporting it through computers onto the internet and storing that energy as a form of money based on energy that you guys have a sovereign wealth fund that is massive and your your business model as a country is to generate lots of power and Export it globally and what does money do it moves in the opposite direction of goods and services so as a nation you are very wealthy and what does Bitcoin do well Bitcoin as a system and what we do here at the hash power Academy is teach from a fundamentals first perspective and this is to say that the Bitcoin Network right now is consuming and monetizing about 17.6 GW of power at a conversion rate of about 22 watts per terahash that’s producing the network hash rate of the blockchain of 800 ex aash or 800 million terahash and what is all of that hash power trying to find it’s trying to find the next block in the chain and capture some of this 450 Bitcoin per day and what this does is create a direct pricing system between the worlds of energy production and monetary consumption on the internet and the 2 first century Information Age and AI Computing and all of these sorts of things have all these parallels across the energy comput and financial sectors the 21st century is based on the electricity grid and the availability of energy and the availability of network communications and connections Norway has a massive opportunity to be part of this system the opinions of decision makers don’t really matter when the maths is solid that electricity is directly converted into compute which captures and issues manages and settles the economic energy production of a new form of money that is fixed in Supply and the majority of people are holding and so that uh pricing of it continually increases what makes Bitcoin go up is that it’s hard to produce it builds a production floor in electricity and the price operates as a premium to that electrical production floor and so if Norway were to add that own energy capacity to the Bitcoin Network consume that electricity in Bitcoin mining hardware and produce heat you know it’s nice to keep warm in the winter and all of that excess compute power would allow you to fight for your share of the 450 plus Bitcoin that is distributed to those 144 blocks per day and all of these components are all mathmatically linked there’s no opinion in this you literally fight for what’s yours and it’s all on the internet a place of digital abstractive constant multiplication and over hyper consumption this constrains a form of money that operates on the internet but it’s tethered and intrinsically connected to the real world of energy so it has all of these valuable properties of scarce fixed hard secure decentralized and all of these sorts of things truly embody something that Norway could be a part of you have a sovereign wealth fund a storage system for all of this energy potential of your nation Bitcoin does the exact same all of the energy potential of the system is stored in well a database that requires energy to update it and monetary units that operate in that database as a way of transferring value peer-to-peer without any intermediary I hope this was an interesting video I hope to visit Norway one day and uh I’m going to make more videos related to different countries I’m very interested to look at the different sorts of heating system applications and technologies that will be deployed in Norway because Bitcoin mining is a heating system where the same energy input well creates a heat output which is of economic value to Farms schools pools District heating but also a secondary Revenue stream of converting that electricity instead of running it through coils you run it through microchips it’s the same energy use but having a valuable heat output and a compute output which subsidizes some of that cost of that energy use it’s more efficiency and Europe loves efficiency or we hope and other things you can do is deploy these Bitcoin miners in other areas such as gas fields in other places in the planet and the the carbon accounting aspect of methane mining that there is inevitably gas Wells that are constantly well burning you have to burn it to reduce the in effects of methane and you can capture that energy with Bitcoin mining monetize it and hell if you don’t want to uh keep the Bitcoin convert it into carbon credits I do believe that because Bitcoin has these mathematical connections to energy and energy has a direct connection to carbon accounting that we can connect Bitcoin to carbon because both carbon and Bitcoin are just as borderless and wireless as each other so the only system that’s going to be able to account carbon in a in an effective way is going to be Bitcoin but that’s an idea and a topic for another day I hope you like this video I hope you enjoy and I will hope to visit your lovely country soon goodbye