The recessionary impact of bitcoin energy consumption
Much commentary has been devoted to bitcoin’s unsustainable proof-of-work algorithm that requires the consumption of a vast quantity of electricity. By some estimates, by February 2020 Bitcoin will use as much electricity as the entire world does today. This post...
A biophysical perspective of economic growth in Australia
In my last post, I introduced the biophysical interpretation of the economy by augmenting the standard circular flow model with energy. In this interpretation, energy is only partially substitutable with capital and labour, and there is a lower bound to substitution....
A biophysical perspective of IPCC integrated models
Analysis of the costs and benefits of climate mitigation involve extrapolation into the future. However, the long time horizons of interest extend well beyond the range of standard economic-development scenarios. In order to guide policy makers, `transformation...
Understanding the divergence in EROI for solar PV
Some analyses calculate an EROI for solar PV of 60:1 or higher, while some calculate a much lower EROI, in one recent case, less than 1:1. The casual observer could be forgiven for wondering what's going on. Since there is such a wide divergence, the default...
Renewables and reactive power
A transition to higher penetration renewables is going to require much more attention to electricity networks. Most of the generator ancillary services have been essentially built into systems by virtue of using large synchronous generators. An earlier post...