The Bitcoin Energy Debate Is A Modern Reprise Of The Gold Resource Cost Debate

The Bitcoin Energy Debate Is A Modern Reprise Of The Gold Resource Cost Debate

The debate over the resource cost of gold is critical in understanding the present-day fixation with Bitcoin’s energy costs.And the answers remain the same...Long before we had the Bitcoin energy debate, we had the gold resource cost debate. The contours were similar: the costs associated with gold refining and extraction were a waste; they were too great relative to a mere fiat standard in which notes could be printed for virtually nothing. Why bother with gold, impassive and unwavering in its supply dynamics, when you could have the cheap and highly configurable paper standard instead?....


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