Does Bitcoin Use Too Much Electricity?

Mises Institute - An optimist says the glass is half full. A pessimist says the glass if half empty. And a Vox writer says if you drink 60 glasses of that stuff in the next hour, it’ll kill you.

However, where the Vox author and I should be able to agree is on the harm of government subsidies for electricity. For example, apparently there is a cottage industry in Bitcoin mining in Venezuela, because (a) the government-issued currency is in hyperinflation while (b) the government subsidizes electricity so that it is almost free.

So if the writers at Vox and other outlets want to join us in calling for smaller government (in this dimension), we welcome their support.

Originally published by the Institute for Energy Research

Robert P. Murphy is a Senior Fellow with the Mises Institute and Research Assistant Professor with the Free Market Institute at Texas Tech University. He is the author of many books including Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015) which is a modern distillation of the essentials of Mises's thought for the layperson. Murphy is co-host, with Tom Woods, of the popular podcast Contra Krugman, which is a weekly refutation of Paul Krugman's New York Times column.

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