As headlines pile up about Bitcoin’s disastrous environmental impact, a group of investors and supporters have taken the lead to defend the world’s greatest digital asset through a crowdfunded documentary battling FUD.
First announced on Twitter by investor, podcast host and Bitcoin fan Brad Mills, the aim of the film is to serve as the “definitive” argument for “why Bitcoin will convert the world to renewable energy faster than governments” .
I found the filmmaker (@jamie_jk) who made the final short film about why Bitcoin will move the world to renewable energy faster than governments.
A professional mini-doc for BTC Energy FUD costs just $ 20-30,000.
I’m going to raise $ 5,000, who’s with us? #GreenBitcoin https://t.co/7MSPTUlArP
– Brad Mills (@bradmillscan) May 14, 2021
Mills’ choice of director is Jamie King, best known for STEAL THIS FILM – a documentary series about BitTorrent and one of the earliest examples of crowdfunding that can be shared for free. In an interview with Cointelegraph, King said the narrative about Bitcoin’s energy consumption put him into action.
“The idea for this new project, for which we are currently fundraising, came from the increasing awareness of Bitcoin’s energy consumption,” said King. “Obviously this came to a head with Elon’s announcement that he would not accept BTC for his cars for the time being – but it is also a piece of ‘FUD’ that is repeated more and more intensely.”
Earlier this week, billionaire Elon Musk tweeted that his company, Tesla, would no longer accept Bitcoin for payments – a comment that sparked allegations of hypocrisy, but the content of which was vocalized in the mainstream media.
However, despite Elon’s difficulties, it is difficult to calculate details of how much “dirty” energy Bitcoin is using, and even estimates based on Chinese consumption may only paint a rough picture.
Regardless, King and Crew are not trying to argue that Bitcoin is a clean, environmentally friendly technology.
“I think it’s important to acknowledge that Bitcoin consumes energy. Lots of it. It’s part of his design, ”says King. “The question we have to ask is, is that it? Be worth.”
To be clear, I firmly believe in crypto, but it cannot lead to a massive increase in the use of fossil fuels, especially coal
– Elon Musk (@elonmusk) May 13, 2021
King said that those who instinctively answer “no” to this question are unlikely to have done their research and that “in a broader social, political and economic context” the case for Bitcoin’s energy consumption goes without saying.
So far, the community has responded warmly and increased 0.5 BTC in just 48 hours. King also notes that while Bitcoin’s Lightning Network didn’t see the hoped-for acceptance, after the project opened to Lightning donations, small supporters poured in.
“I think we can see that Lightning is very real for small bitcoin donations, I’m happy to say,” he joked.
In the end, King’s goal is not to throw mud back at the FUD bulls, but to educate and elevate them.
“Not only do I want to counter the idea that this is ‘a waste of energy’, I want to do something that inspires people to see what an amazing thing Bitcoin is. FUD busting with a higher purpose! “