The Best Definition of Bitcoin

Today, I listed what is, for me, the best explanation of what Bitcoin is in terms of a financial instrument. This is Robert Armstrong for FT News Briefing:

[…] let’s think of it as a call option on an equity that owns a technology that we are not sure if it’s gonna be magic or not but it just might be. And what that technology promises to do at some point down the road is to become, in a way, more like the Dollar or the Euro. We just don’t know it it’s there or not. […]

He also shows in his article for the Financial Times today that there is more than an apparent correlation between the Rolling 1m Average Daily Single Tech Stock Call Volumes:

And bitcoin:

I guess I just had an epiphany today…

The Carbon Footprint of Bitcoin

This is utterly mind blowing:

Bitcoin’s annual electricity consumption adds up to 45.8 TWh

The corresponding annual carbon emissions range from 22.0 to 22.9 MtCO2

This level sits between the levels produced by the nations of Jordan and Sri Lanka

Just to add more perspective, Switzerland consumes an average of 60 TWh. One day, we would look back to this nonsense and wonder whether it was really necessary.

Via Joule, both on html and pdf.