Bitcoin transactions continue to acquire new negative externalities invented by reputable news sites. The most recent negative externality is that Bitcoin transactions consume large amounts of water, leaving poor children in Africa to die of thirst. Obviously, this is a major concern as Bitcoin users need to be more aware of their water usage when sending a transaction. It is unknown at this time if Ordinals have been playing a major part in consuming the the worlds second most scarce asset.
New coordinated Bitcoin FUD dropping:— Nik (@nikcantmine) November 29, 2023
'Bitcoin uses too much water' 😂 pic.twitter.com/HsRbO9Iahv
Other concerns have arisen in regards to where the Bitcoin network is sourcing it's water from to process transactions. There have been reports that the same water used by terrorist organizations like the CIA and Hamas, has also been used in Bitcoin transactions. The fact that terrorist organizations are using water to support their terroristic activities brings to light the importance ethically sourcing your water from FinCEN approved sources. Some mining pools such as F2 Pool have already considered creating a new standard for OFAC compliant gallons in order to prevent further confusion.
The reputable news agencies pointing out Bitcoin's new threat to the environment have suggested that the simple solution would be for Bitcoin to change its code to a proof of stake model. This would create a massive challenge as it would destroy the global mining industry entirely, and dramatically change Bitcoin's security model, but would eliminate Bitcoin's excessive use of water per transaction. For Bitcoin to change it's code, it would be as disruptive as the news agencies reporting on this issue to change their business model to one which they write news articles containing the truth, rather than moderately creative fiction pieces. The likelihood of either happening is near zero and will likely only result in conflict between people using the Bitcoin network, and individuals cosplaying as journalists.
Luke Dash Jr. has an interesting solution to Bitcoin's water problem which is to launch a new mining pool with the goal of consuming an Ocean's worth of water. Dash Jr. has had criticism of Bitcoin's centralized water usage and believes that it should be more decentralized. His pool seeks to do this through making it easier for individuals to consume water anonymously, making it more difficult for regulatory agencies to audit it.
Unfortunately, the pool is off to a rough start after multiple employees failed to break a champaign bottle on a Bitcoin miner during their highly publicized press conference. There are rumors that investors are wary as it is incredibly bad luck to fail to break a bottle on a ships maiden voyage. Investors have been confident in the pool's potential for performance as former Twitter CEO, Jack Dorsey has invested in the project as well as endorsed it. This has allowed them to overlook Dash Jr.'s recent Bitcoin custody blunder.
I don't care what any FUD says, I'm not gonna decrease my water usage when water cooling my miners— Nik (@nikcantmine) November 29, 2023
Sorry not sorry 🤷🏻♂️ pic.twitter.com/um6diQPSy0
All in all, Bitcoin's water usage seems like it will continue to be a major concern for Newsguard certified publications with a chip on their shoulder, and an agenda to push for their overlords.