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A comment on Bitcoin consumed 134 TWh in total during 2021. Parent comment

Re:Bitcoin consumed 134 TWh in total during 2021 by arcticbull on Sunday January 02, 2022 @09:06PM (#29776510)
Your article you keep referencing is wrong in context scotty. They're not buying them for money, they're swapping them for reserves. It's not the same thing. It's an edge case operation, that the Fed will unwind in time, as they were happily doing between 2009 and the COVID pandemic. You're reading a babies-first-economics article. We're not in 101 territory anymore. At least read the Forbes one I linked you that goes into more detail.

You are wrong on this one, and you do not understand enough to even want to challenge your assumptions. We're done here, and I once again, implore you to audit an economics class.

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Re:Bitcoin consumed 134 TWh in total during 2021 by scottiebarnes on Sunday January 02, 2022 @09:10PM (#29776534)
Maybe Chairman Powell explains it better?

https://www.youtube.com/watch?v=mrjoElG8KGI

PELLEY: Fair to say you simply flooded the system with money?

POWELL: Yes. We did. That's another way to think about it. We did.

PELLEY: Where does it come from? Do you just print it?

POWELL: We print it digitally. So as a central bank, we have the ability to create money digitally. And we do that by buying Treasury Bills or bonds for other government guaranteed securities. And that actually increases the money supply. We also print actual currency and we distribute that through the Federal Reserve banks.

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