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A
Good
afternoon
everybody,
it
is
such
a
pleasure
to
be
here
in
paris
what
a
beautiful
city
this
is.
I
have
I'm
so
happy
to
be
here
with
everyone.
A
It's
it's
such
a
pleasure
to
meet
so
many
intelligent,
ambitious
and
kind
people,
and
I
look
forward
to
meeting
many
more
of
you
throughout
the
course
of
the
conference
today.
I
want
to
talk
about
unlocking
the
next
wave
of
institutional
adoption
through
a
concept
of
proof
of
sustainable
mining.
A
Now,
before
I
get
started,
I
I
wanted
to
quickly
thank
the
protocol,
labs
team
and
the
filecoin
labs
team
for
putting
on
such
an
important
conference.
A
So
it's
really
a
pleasure
to
be
here
with
everybody,
while
I
do
hope
to
meet
many
of
you
over
the
next
day
or
two.
I
want
to
give
you
a
little
bit
of
background
on
myself,
so
you
understand
the
perspective
in
which
I
am
trying
to
address
this
challenge
of
unlocking
the
next
wave
of
institutional
adoption.
A
I've
spent
my
entire
career
in
sustainability,
specifically
the
last
nine
years.
I
helped
build
the
sustainability
department
for
the
new
york
stock
exchange
listed
conglomerate
vf
corporation,
which
is
the
owner
of
the
north,
face
vans,
timberland
and
supreme
to
name
a
few,
and
we
built
that
department
from
about
four
employees
to
140
globally,
and
I
led
all
of
our
asia
and
european
sustainability
operations.
A
This
is
a
fun
photo
somewhere
in
the
middle
of
phnom
penh,
cambodia.
This
seems
like
a
lifetime
ago
that
I
I
was
doing
this
job
now.
I
I
went
down
this
path,
which
I
feel
many
of
you
guys,
probably
also
went
down,
which
is
the
proverbial
crypto
rabbit
hole,
and
for
me
it
was
really
bitcoin
that
was
so
fascinating
is
just
such
a
unique
asset
with
economic
policy
hard-coded
into
it
and
just
a
hard
money
that
has
really
never
existed
in
human
history
before
and
in
2020.
A
I
all
of
a
sudden
became
aware
of
the
significant
and
increasing
energy
consumption
of
the
network,
and
I
came
to
realize
that,
in
fact,
this
growing
energy
consumption
is
surely
going
to
be
limiting
institutional
adoption
of
bitcoin
because
of
the
perceived
negative
environmental
impacts,
and
so
it
became
clear
to
me.
I
had
a
life
calling
something
I
needed
to
do
something
I
deeply
wanted
to
do,
and
that
is
to
work
on
addressing
the
sustainability
of
bitcoin.
A
A
A
So
while
we
know
that
bitcoin
has
a
substantial
and
growing
energy
consumption
footprint,
it
also
has
this
perceived
negative
environmental
impact.
That
is,
frankly
speaking
above
and
beyond
the
actual
impact
of
the
network.
It
is,
it
is
a
miscon
construed
in
terms
of
the
sustainability
impact,
it's
misunderstood
and
really
the
reason
for
that
first
and
foremost
is
because,
while
today
there
may
be
40
or
50
percent
of
the
global
mining
using
renewable
energy,
there's
no
standardized
verification
to
actually
prove
that
the
network
is
using
renewable
energy,
but
it
is.
A
A
A
But
in
order
to
do
that,
we
need
to
have
some
sort
of
mechanism
that
connects
institutional
investors,
esg
investors
to
bitcoin
miners
who
are
doing
the
right
thing
already
today
and
for
those
that
aren't
already
using
renewable
energy.
How
do
we
incentivize
them
to
do
so,
and
so
the
concept
that
we've
been
developing
is
one
called
proof
of
sustainable
mining
and
it
effectively
allows
the
transfer
of
sustainable
mining
practices
or
sustainability
attributes
from
a
minor
to
an
institutional
investor.
A
Well,
it's
actually
quite
a
lot
simpler
than
one
might
think
all
over
the
world
and,
frankly
speaking,
I'm
sure
everyone
in
the
room
here
is
already
well
versed
in
energy
attribute
certificates
or
renewable
energy
certificates
or
recs,
as
they're
oftentimes
called
I'm
sure
everyone
is,
is
fairly
well
versed
in
this,
but
for
the
sake
of
a
review,
I
want
to
run
through
how
the
vast
majority
of
corporations
around
the
world,
from
google
to
amazon
unilever
to
procter
gamble
how
they
procure
renewable
energy
when
they're
a
business
that's
buying
energy
off
of
the
grid.
A
A
Both
of
these
energy
producers
are
feeding
into
the
grid
and
as
soon
as
those
electrons
enter
the
grid,
they
instantly
co-mingle
and
it's
impossible
to
determine
what
source
they
came
from.
An
electron
is
an
electron
electron.
It
doesn't
matter
where
it
came
from,
but
on
the
other
end
of
the
grid,
there
are
consumers
that
have
a
preference
to
purchase
renewable
energy,
and
so,
while
physically
they
are
buying
electrons
that
are
mixed
from
both
renewable
and
non-renewable.
A
They
can
then
sell
this
certificate
on
to
the
end
consumer,
who
wishes
to
specify
that
the
energy
they're
buying
is
just
the
renewables
and
in
turn,
what
they're
doing
is
they're
paying
a
small
premium
back
to
the
renewable
energy
producer
this
premium
it
increases
the
roi
on
that
project
and
allows
that
energy
developer
to
develop
more
critically
needed
renewable
energy.
So
this
is
the
way
that
the
system
more
or
less
works
all
around
the
world.
A
A
Well,
the
vast
majority
of
bitcoin
miners
around
the
world
and
again
things
are
moving
quickly
and
changing
the
vast
majority
are
buying
energy
from
a
grid,
and
so
today,
while
they're
buying
from
the
grid
and
maybe
making
claims
around
the
use
of
sustainability,
the
reality
is
that
they
need
to
be
buying
these
energy
attribute
certificates
or
wrecks
in
order
to
prove
that
they
are
indeed
using
renewable
energy.
This
is
the
way
the
system
works
for
companies
that
represent
trillions
of
dollars
in
revenue.
A
Everyone
uses
the
same
system,
and
so
you
can
replace
this
photo
here
that
says,
or
this
logo
here
says,
energy
consumers
want
to
buy
renewable
energy.
You
can
replace
that
with
bitcoin
miners.
Now
the
question
then
is
well:
how
do
you
then
actually
verify
that
they're
using
or
consuming
these
renewable
energy
certificates?
A
A
So
once
the
miner's
gone
through
this
verification,
they
get
added
into
our
protocol
and
from
there
every
time,
the
miner
mines,
a
bitcoin
they're,
issued
one
sustainable
bitcoin
certificate
for
each
bitcoin
that
they
mine.
The
sustainable
bitcoin
certificate
is
a
representation
of
proof
of
sustainable
mining.
A
It
can
be
sold
from
the
miner
on
to
an
investor
and
the
investor
couples
it
with
their
bitcoin
holdings,
adding
this
concept
of
proof
of
sustainable
mining
to
their
existing
bitcoin
holdings.
A
Once
the
first
one
happens,
the
dominoes
will
fall
and
virtually
all
institutional
investors
will
start
to
buy
provably
sustainably
mined
bitcoin.
Now
the
sbc
or
sustainable
bitcoin
certificate.
It's
it
is
an
on-chain
representation
of
proof
of
sustainable
mining
and
really
it's
a
parallel
to
bitcoin.
That
is
like
bitcoin
divisible
by
100
million,
so
it
makes
it
really
easy
for
investors
to
purchase
and
add
to
their
to
their
balance
sheet
in
order
to
add
this
concept
of
proof
of
sustainable
mining
or
simply
add
sustainability
to
their
bitcoin
holdings.
A
A
A
A
Now,
if
we
start
to
look
at
this
chart
here,
this
is
the
energy
consumption
of
the
network
from
inception
back
in
2009
all
the
way
to
today,
in
the
earliest
days
of
mining,
to
mine,
a
single
bitcoin,
it
required
only
a
couple
of
kilowatt
hours
of
energy
really
negligible,
nothing
that
anyone
would
ever
have
concerns
over
now.
As
you
sort
of
see
across
time
2018,
we
surpass
100
megawatt
hours
to
mine,
a
bitcoin
and
in
sort
of
late
2021
we
surpass
nearly
300
megawatt
hours
per
bitcoin.
A
A
But,
to
be
honest,
I
think
this
is
a
bit
of
a
fool's
errand.
The
data
is
not
very
good
attempting
to
do.
This
is
a
futile
exercise
so
better.
Why
don't?
We
actually
just
connect
the
the
sustainability
of
the
historically
mined
bitcoin
to
today's
energy
consumption
and
every
day's
energy
consumption
going
forward.
A
So
what
I
mean
by
that
is
you'll
see
here
the
green
dot,
which
represents
300
365
megawatt
hours
per
bitcoin,
which
is
just
sort
of
a
month
and
a
half
ago
where
we
were
on
a
per
bitcoin
basis.
It's
actually
come
down
quite
significantly,
we're
probably
around
210
to
220
megawatt
hours
per
bitcoin
as
of
today,
but
if
we
take
this
figure,
the
most
recent
figure
and
we
derive
our
data
from
cambridge
center
for
alternative
finance,
which,
as
of
today,
is
probably
the
most
robust
data
set
available
now.
A
A
But
bitcoin,
as
I
said
before,
it's
a
it's
a
really
unique
asset
class
and
unique
industry,
in
that
it
has
a
inability
to
hunt
out
and
find
stranded
and
wasted
gas
sources
wasted
energy
sources.
A
And,
frankly
speaking,
I
think
this
is
just
the
tip
of
the
iceberg.
We
are
going
to
see
all
sorts
of
unique
use
cases
in
terms
of
mining
and
capturing
this
wasted
energy
sources
and,
in
turn,
helping
to
reduce
co2
equivalents
from
entering
the
atmosphere.
A
A
A
Let's
have
a
verified
answer
to
know
how
much
renewable
energy-
and,
let's
put
it
out
there
in
a
way,
that's
transparent
to
stakeholders
around
the
world,
so
that
institutional
investors
with
esg
mandates
they
can
come
and
they
have
a
centralized
place
and
they
can
see
exactly
the
impacts.
The
positive
environmental
impacts
that
their
bitcoin
holdings
can
drive.
A
If
we
do
this,
we
start
to
have
something
that
virtually
no
industry
has
ever
had
before
a
centralized
place.
That
shows
exactly
the
positive
environmental
impact
that
this
asset
class
is
able
to
drive,
and
so
you
know,
while
I'm
technology
agnostic,
I
actually
think
that
long
term
multiple
blockchains
are
going
to
be
used.
A
I
know
that
as
the
oldest
blockchain
and
sort
of
the
grand
dom
of
the
of
the
industry
when
bitcoin
leads
everything
follows
so,
as
they
say,
a
rising
tide
lifts
all
boats.
So,
from
my
perspective,
it's
important
that
all
of
us
have
a
unified
idea
of
how
we
can
address
this
big
challenge
for
the
entire
industry
and
for
the
world,
and
so
through
this
work,
we
believe
that
institutional
adoption,
particularly
institutional
adoption,
that
is
governed
by
esg
mandates,
is
going
to
accelerate
in
terms
of
bitcoin
adoption
and
crypto
adoption
at
large.
A
A
I
think
that
you
know
we
are
we're
really
on
the
precipice
of
seeing
a
big
change
in
the
way
that
the
world
views
crypto
and
bitcoin
at
large.
You
know
once
the
data
is
out
there
once
stakeholders
can
really
see
the
impact
institutional
adoption
I
I'm
quite
certain
is
going
to
take
off,
so
I
will
be
around
for
the
rest
of
the
conference.
I
certainly
hope
to
meet
many
more
of
you.
A
Thank
you
so
much
for
listening
to
to
this
presentation
and
I'll
open
things
up
to
any
questions
that
the
audience
may
have
otherwise
we'll
wrap
up
and
wishing
everyone
a
really
lovely
afternoon.