Because the energy consumption of the bitcoin mining business is increasing, the Biden administration is thinking of imposing an excise tax of 30% on bitcoin mining. The increase in energy expenses for people who share an electric grid with miners of digital assets is the other factor. The harm done to the environment is another factor. Pierre Rochard, however, begs to differ and cites the evidence that disproves these views. He believes that energy prices are already declining due to Bitcoin mining and that further reductions are on the horizon.
Power plants, utility companies, and grid operators waste a lot of electricity, and Bitcoin miners are now a source of demand for this waste. The players benefit from the increased revenue creation by reinvesting in power generation and transmission once they buy the excess electricity. As a result, there is a greater supply of energy, which lowers costs for consumers. Energy may be made money at the moment of generation through bitcoin mining. In addition, natural gas that isn’t connected to delivery pipelines, nuclear power plants, and solar and wind farms that aren’t connected to transmission lines can all be made profitable by Bitcoin miners.
According to Pierre’s tweet, the factual information is of no relevance to the Biden administration and its friends. He thinks their strategy is to introduce CBDC and make it difficult to promote the adoption of Bitcoin. One of the benefits of Bitcoin is that it protects against inflation-induced theft. Pierre advises individuals to resist complying with official directives, citing Bitcoin as the solution to the government’s lack of answers.