From your neighborhood to the final frontier: How Moon mining + Bitcoin mining might shape your future.
S1E7 | Highlights and impact of this week's top tech themes.
Hi, Friends —
Welcome to [our digital disco]! I’m excited to have you here. Keep scrolling for this week’s key themes in tech news and other misc. thoughts (Snack Time). You can also check out last week’s newsletter here.
✰ Keep an eye out for a special release later this week!
Notable Themes
☞ Space racing: Military horizons + $$$.
Interest in the space industry is surging, driven by i) private entities seeking profits, and ii) nations seeking to stay competitive on military tech and tactics. As adversaries send missiles and other spacecrafts into orbit (acc. the DoD: “cyber warfare activities, electronic attack platforms, directed energy lasers…" the list goes on), governments prepare for potential threats. The US Space Force recently requested $60M to advance its satellite launch capabilities in preparation for space conflict. Outside the military domain, established companies (e.g., SpaceX) are joined by numerous startups — and deep venture capital pockets — with innovative ideas for launching rockets, deploying satellites, and mining resources from the moon, asteroids, and other space bodies.
☞ The impact of crypto mines on the environment (and your wallet).
A recent investigation by the New York Times revealed that Bitcoin mines* consume more energy than originally estimated. These massive energy demands have largely been met by coal and gas power plants, contributing to pollution and climate change. Some mining companies have gone so far as to resurrect extinct fossil fuel plants to power their energy needs. Why? Bitcoin mining firms follow a straightforward formula: The greater the amount of bitcoin that can be extracted per unit of energy, the more lucrative the gains. These companies profit by generating tokens and validating transactions — both of which are done by solving math puzzles via specialized, energy-intensive hardware. Demand for the cryptocurrency, in hand with increasing puzzle complexity, further drives up the energy costs.
Why does it matter? Bitcoin mining doesn’t operate in a silo, but has both economic and environmental implications on communities removed from the crypto scene. It is releasing copious amounts of greenhouse gases — and raising energy prices for everyday Americans. Some of the biggest US crypto mines use as much energy as cities. The investigation highlights the need for greater awareness around the energy consumption and emissions of Bitcoin mining.
Pros: Bitcoin, the first decentralized cryptocurrency, has played a significant role in sparking interest and driving development of the cryptocurrency ecosystem — which has the potential to increase financial inclusivity. Bitcoin's underlying technology, blockchain, introduced potential for transparency and security in fields well beyond cryptocurrencies. The high energy cost of Bitcoin has also inspired a greater focus on developing more environmentally-friendly alternatives, such as Ethereum.
Cons: The energy demands of Bitcoin mining are not only terrible for the environment, but have driven up electricity prices for nearby households. The high energy requirements can also lead to centralization. As mining becomes more resource-intensive and costly, it becomes increasingly difficult for individual miners to participate — leading to concentration of mining power in the hands of a few companies. This centralization is antithetical to the original vision of any decentralized cryptocurrency.
Other Highlights
Google plans to eliminate cookies (tracking files that provide personalized experiences, but compromise user privacy). Instead, the firm will introduce a Privacy Sandbox to improve user privacy and create a more targeted advertising system — potentially altering how companies generate revenue on the internet.
Amnezia, a free virtual private network (VPN), is helping Russian users get around censorship. Since Russia's invasion of Ukraine last February, the Russian government has blocked over 10K websites, including Facebook, Twitter, and independent news outlets, for content related to the war.
Amazon Web Services (AWS) has launched a startup accelerator program focused on generative AI. The program provides selected startups with mentorship, funding, and resources, highlighting increasing interest & investment in the fast-growing field.
Snacktime
📓 Reading: The Profile Dossier: Amaryllis Fox, the ex-CIA agent performing the most clandestine operations. I read her autobiography when it was published in 2019, and it remains one I recommend to all my friends. This profile is a great short option.
♬ Listening to: Glass Animals, I Don't Wanna Talk (I Just Wanna Dance)
✰ Thinking about: Decision-making, collecting opinions like data, and learning how to weigh them. If only there were a way to build counterfactuals (a model to ask, What would have happened in a situation had certain things been different?) into life circumstances more complex than Spotify recommendations.
Next up
✎ Substack versus Twitter: Free speech and creator compensation. And whatever happens throughout the week, of course.
✿ As always — any and all feedback is welcome! In the meantime: give someone a hug and say an ‘I love you’ this week. Make the world a little happier.
Breakdowns
Bitcoin mines: Large-scale facilities where specialized computer hardware perform the complex calculations necessary for mining bitcoins. Bitcoin mines typically consist of rows of high-performance computers, connected to each other and to the internet, which require a significant amount of electricity to power and keep cool.