A BTC miner spoke about the importance of cryptocurrency mining to society and the economy
During an interview in Davos, Hut8 CEO Jaime Leverton talked about how mining stabilizes the network and creates jobs while generating tax revenue.
Leverton particularly noted how challenging 2022 has been for the mining industry.
We faced a number of challenges, including increasing complexity and falling bitcoin prices, and then the energy crisis added to that. A large number of bankruptcies are due to a significant drop in profitability.
As for Hut8, according to Leverton, insolvency was avoided thanks to a diversified strategy and mergers and acquisitions.
Regarding the environmental aspect, the head of Hut8 noted that the energy used by bitcoin is extremely transparent, so it is easy to trace whether it is actually dangerous to the environment. Leverton himself believes that a lot of the negative position is caused by a lack of education.
One has to understand that mining allows for the creation of new jobs, and companies that mine BTC are major taxpayers. Moreover, this sphere is a supplier of many state-of-the-art technologies.
The issue of the ability to balance the network was touched upon separately.
BTC miners can shut down equipment during peak loads, which will supply networks during difficult periods, such as the snowstorm of December.
