Early in our thinking about the interaction between bitcoin and energy it became obvious to me that the value of bitcoin was fundamentally underpinned by the amount of energy that went into producing the bitcoin. As with any free market system, the value of a widget (in this case bitcoin) is determined by the cost of producing the widget plus the various levels of profit margin needed to get from manufacturing to the consumer. If someone has an innovative ability to supply something that no one else can and there…
The Joule Paradox: Energy sets the value of bitcoin and bitcoin sets the value of energy
