The Heat That Secures: Bitcoin's Energy Appetite is the Price of Unprecedented Certainty
Bitcoin miners spent roughly $4.5 billion on electricity in 2023. That number sounds obscene until you do the math on what it actually purchases: a network that has never been successfully double-spent, a settlement system that clears without intermediaries, and a monetary instrument that 200 million people trust more than their own government's currency. The energy isn't waste. It's insurance.