We just finished discussing the proof of work mining network and the seven layers of security, energy, technology, politics, finance, the network itself, the spatial security, the temporal security.

So what you have is you have Bitcoin as a decentralized crypto asset network.

And the thing that pops up a lot is the question of what does energy usage look like over time

and is energy use is going to keep increasing as the price of Bitcoin increases?

And I've seen commentary on this.

I think a lot of people get it wrong.

They seem to think that as the price of Bitcoin increases, the energy usage will increase linearly.

And if there's 100x increase in Bitcoin price, there's 100x increase in energy usage.

And I think it's just worthwhile to make the observation that over the past 10 years,

the mining network has gone from being energy intensive to being technology intensive.

Another way to say it is, is in every single industry, you go from being labor intensive to capital intensive.

When we started with a million people sewing or farming, farming, it was a labor intensive activity.

As the capital equipment gets better, you know, first you have, you know, horses and carts and

ox carts, and then you have tractors, then you have mega tractors, then you have, you know, horses and carts and ox carts, and then you have tractors, then you have

mega tractors, then you have factories. All of a sudden, the amount of labor matters a lot less,

and the amount of capital equipment matters a lot more. I mean, there's a time when 90% of the country was farmers and now just one or

two percent of the people in the country produce all the food. It's because it's become technology

intensive. The Bitcoin network is similar in that except substitute for labor energy and substitute for capital technology.

And we go back 10 years, it probably took 100 times as much energy to generate an

X-a-hash as it is right now.

An S-19 takes 30 megawatts per X- hash, but an S-9 takes 150 megawatts in X-a-hash.

So if a 5x improvement energy efficiency over one generation of equipment, we're like on

...