Bitcoin's $7 Billion Electricity Problem

If you’ve read my previous work, you know I’ve been skeptical of Bitcoin’s long-term economics. Not because the technology doesn’t work — it clearly does — but because the math has always looked fragile.

Today I want to zoom in on something that rarely gets discussed in the “store of value” conversation: the electricity bill.

Specifically, the roughly $6–7 billion annual electricity bill required to keep the Bitcoin network running — and why that number might ...