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A crowdfunded campaign seeks to correct Elon Musk and the mass media.
As reports about Bitcoin’s disastrous environmental effects mount, one coalition of investors and enthusiasts has stepped forwards to protect the world’s largest crypto asset with the aid of a crowdfunded documentary video.
The film’s aim, as announced on Twitter by investor, podcast host, and Bitcoin enthusiast Brad Mills, is to serve as a “definitive” justification for “why Bitcoin will transition the world to renewable energy faster than governments.”
I found the filmmaker (@jamie_jk) to make the definitive short film on why Bitcoin will transition the world to renewable energy faster than governments.
It will only cost $20-30k for a professional mini-doc on BTC energy FUD.
— Brad Mills ✍️🔑 (@bradmillscan) May 14, 2021
Mills chose Jamie King as director, best known for his work on STEAL THIS FILM, a documentary series about BitTorrent and one of the first instances of a crowdfunded, free-to-share effort. In an interview with Cointelegraph, King claimed that the narrative around Bitcoin’s energy use compelled him to take action.
“The idea for this new project, which we’re raising funds for right now, came about as a result of the increasing amount of attention being paid to Bitcoin’s energy usage,” King said. “Obviously this came to a head with Elon’s announcement about not accepting BTC for his cars for the time being — but it’s also a piece of ‘FUD’ we’re seeing repeated with greater and greater intensity.”
Earlier this week, billionaire Elon Musk tweeted that his firm, Tesla, will no longer welcome Bitcoin for payment — a statement that sparked allegations of hypocrisy but was widely repeated throughout the mass media.
Despite Elon’s complaints, calculating how much “dirty” energy Bitcoin absorbs is challenging, and even calculations centred on Chinese usage can just provide a rough image.
Regardless, King and company aren’t attempting to contend that Bitcoin is a safe, renewable technology.
“I think it’s important to acknowledge Bitcoin uses energy. A lot of it. That’s part of its design,” says King. “The question we need to ask is: is it worth it.”
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021
Many who instinctively respond “no” to that question haven’t done their homework, according to King, and the argument for Bitcoin’s energy use is self-evident “in a broader social, political, and economic context.”
So far, the group has been very supportive, raising.5 BTC in just 48 hours. While Bitcoin’s Lightning Network hasn’t seen the widespread penetration that some have wished for, King states that since the project opened up to Lightning contributions, small supporters started flowing in.
“I guess what we can see is that Lightning is very real for small Bitcoin donations, I’m glad to say,” he joked.
In the end, King’s goal isn’t to fling mud back at the FUD-sters, but instead to educate and elevate.
“I don’t just want to counter the idea that this is a ‘waste of energy’, but make something that inspires people about just what an amazing thing Bitcoin is. FUD-busting with a higher purpose!”