If consuming available energy is directly correlated with a growth in GDP, Bitcoin mining is the perfect companion to help our energy grids and our economy.
“Time-series analysis shows that energy is needed in addition to capital and labor to explain the growth of GDP. But mainstream economics research has tended to downplay the importance of energy in economic growth. The principal models used to explain the growth process do not include energy as a factor of production.
We can now justify the rapid expansion of energy generation and distribution infrastructure by providing perpetual and highly competitive demand for that energy. Demand that is both buyer of first resort and last. This demand can be sourced through the cheapest energy resources, or through expanding current operations to provide greater output and maximize efficiency. All strategies are viable with this approach.
That is the beauty of the difficulty adjustment in bitcoin mining. When more power gets dedicated to the network, and blocks begin to get completed too rapidly, the network ratchets up the difficulty . There is no over production and over saturation of supply due to high prices.
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