California Missed $700M in Revenue Last Year by Not Mining Bitcoin

California Missed $700M in Revenue Last Year by Not Mining Bitcoin
  • CEO of Marathon Digital Holding says California missed $700 million in revenue last year.
  • He says this revenue could have come from mining Bitcoin.
  • California’s excess renewable energy alone would accomplish this.

Documenting Bitcoin tweets about California missing out on $700 million in revenue by not mining Bitcoin last year. In fact, the state could have accomplished this by using its excess renewable energy alone. 

Specifically, this claim comes from Fred Thiel — CEO and Chairman at Marathon Digital Holdings. In detail, Thiel makes this statement via an interview with Yahoo! Finance. 

One of the biggest concerns, when Bitcoin came to be, was the energy that it took to fuel Bitcoin mining. In particular, many countries were against Bitcoin mining as it consumed too much energy. 

Even crypto fans like Elon Musk refused to accept Bitcoin for it was believed to be a burden on energy consumption. Thus, many Bitcoin miners took to using renewable and green energy to mine their Bitcoin. 

Most significantly, El Salvador made the greatest impact when the nation made the decision to make Bitcoin a legal tender. Furthermore, the country took it a step further and said they would begin to mine Bitcoin using the geothermal power of their volcanoes. 

While other blockchains are switching to a less intensive consensus algorithm to meet environmental demands, Bitcoin does not have the option to switch its consensus protocol. However, to make the best of mining Bitcoin, many are slowly pushing a shift to a carbon-neutral option by using green energy to power Bitcoin mining. 

Indeed, if more companies embrace Bitcoin mining with green energy, there is no telling how much can be gained. El Salvador is already seeing the fruits of its decision. Meanwhile, other nations are beginning to accept crypto transactions, perhaps mining will be next. 

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