Every Bitcoin in circulation is collateralized by the joules of electricity that mined it. 1 zettahash per second of computing power. Burning roughly 15 gigawatts of electricity, 24/7, to defend the ledger. Enough power for every household in New York City. Twice. That's the energy now backing every $BTC in existence. You can print dollars. You can print credit. You can print real estate paper. You cannot print proof-of-work.
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