Bitcoin mining might be the most unfairly maligned industry on earth. It straddles two bold ideas which are deeply offensive to the Davos technocrats which govern western nations: the first, that a global sound money system is possible and desirable; and the second, that energy generation and consumption is not morally reprehensible.
It should come as no surprise, therefore, that the relatively small industry (Bitcoin miners worldwide can expect around $15b in revenue this year) enjoys a disproportionate amount of criticism from central bankers, policymakers, and heads of state worldwide. Miners have been slow to respond, and have largely played defense up to this point. However, as tools to better understand the mining industry have developed, transparency has improved, and miner business models have evolved, it has become clear that the facts on the ground are extremely favorable. Defending the right of Bitcoin miners to operate is not a matter of spreading fanciful stories or utopian visions of a possible future, but simply an exercise in revealing a set of truths about the industry today. In their research, the Arcane team laudably reveals these realities. They are the vanguard in this emerging field.