What's Really Behind China's Bitcoin Mining Ban?
What's going on guys it is. Wednesday may twenty sixth. And today we're talking about what's really behind china's bitcoin mining band or at least a different way to look at it. There has been so much happening so fast that you can expect a lot of these shows to be checking in on some things that we've discussed just a day or two before and today is definitely an example of that. I'm going. I do an update on the discussion around the bitcoin. Mining council michael sailors spoke at consensus yesterday and thought there were a couple of interesting points that came out of it. I is the extent to which the impetus for this mining meeting was from ilan himself rather than sailor dragging along. Sailor said quote. I think he lawns. I order. Ask was hey. Can we come up with a way to publish boost transparency for bitcoin mining energy usage. I think the first step is. Let's come up with a protocol for us to publish energy information in a way that we can share it with the world and then work together to make sure that we pursue sustainable energy goals. Sailor argued basically that in the absence of there. Being a standard model for energy use. Reporting critics come up with their own models for estimating how much energy mining is using many of which ended up painting a much bleaker picture than the reality if this is the case. It's a solvable information problem. And frankly it's also one which does benefit from some amount of coordination from a critical mass of parties to agree to the type of disclosures. They're going to make in the standards for how they're going to report things to make them comparable the other big point from his talk was the extent to which this energy was the key deliverable with all of the rest of the things that people mentioned the notion of promoting more sustainable practices being much more nascent and still in the discussion phase. This was strongly reinforced threat by amanda fabiano who heads mining galaxy digital. I'm actually just going to quote the whole thread. Because i think it's pretty important quote bitcoins. Energy consumption is transparent making it an easy target for criticism. But what critics can't see is the breakdown of energy sources.