Michael Saylor Arguing About Bitcoin’s Energy Use

Michael Saylor, a Bitcoin (BTC) maximalist, has come out swinging against what he calls “misinformation and propaganda” concerning the environmental implications of proof-of-work (PoW) BTC mining ahead of Ethereum’s move to PoS.
Michael Saylor Arguing About Bitcoin's Energy Use
Michael Saylor Arguing About Bitcoin's Energy Use 4

On Wednesday, the MicroStrategy executive chairman, who just stepped down as CEO, wrote a lengthy message on his Twitter account, describing seven of his high-level ideas on Bitcoin mining and its environmental effect.

One of his main points was that PoW BTC mining is inefficient in terms of energy.

Michael Saylor, on the other hand, said:

“…the cleanest industrial use of electricity and is improving its energy efficiency at the fastest rate across any major industry.”

He backed up his claim with data from the Bitcoin Mining Council’s Q2 Worldwide Bitcoin Data Mining Review, which was released in July and claims to represent 50.5% of the global network, noting:

“Our metrics show ~59.5% of energy for Bitcoin mining comes from sustainable sources and energy efficiency improved 46% YoY.”

Michael Saylor Arguing About Bitcoin's Energy Use
Michael Saylor Arguing About Bitcoin's Energy Use 5

Michael Saylor argument comes at a time when the Bitcoin mining business has been under fire for having a negative impact on the environment, prompting some US states to consider outlawing crypto mining. The White House is also investigating recent Bitcoin mining problems.

Saylor argued:

“Approximately $4-5 billion in electricity is used to power & secure a network that is worth $420 billion as of today. This makes Bitcoin far less energy intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy intensive than traditional 20th century industries like airlines, logistics, retail, hospitality, and agriculture.”

Saylor further stated that 99.92% of global carbon emissions are caused by industrial uses of energy other than Bitcoin mining. According to the figures, Saylor does not feel environmentalists’ arguments against PoW mining are valid.

Michael Saylor Arguing About Bitcoin's Energy Use
Michael Saylor Arguing About Bitcoin's Energy Use 6

It can be said that the Bitcoin mining industry is in the sights of the authorities as well as the legal authorities. Michael Saylor’s argument is also valid when Bitcoin mining is an industry that consumes less carbon than other industries.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Harold

CoinCu News

Michael Saylor Arguing About Bitcoin’s Energy Use

Michael Saylor, a Bitcoin (BTC) maximalist, has come out swinging against what he calls “misinformation and propaganda” concerning the environmental implications of proof-of-work (PoW) BTC mining ahead of Ethereum’s move to PoS.
Michael Saylor Arguing About Bitcoin's Energy Use
Michael Saylor Arguing About Bitcoin's Energy Use 10

On Wednesday, the MicroStrategy executive chairman, who just stepped down as CEO, wrote a lengthy message on his Twitter account, describing seven of his high-level ideas on Bitcoin mining and its environmental effect.

One of his main points was that PoW BTC mining is inefficient in terms of energy.

Michael Saylor, on the other hand, said:

“…the cleanest industrial use of electricity and is improving its energy efficiency at the fastest rate across any major industry.”

He backed up his claim with data from the Bitcoin Mining Council’s Q2 Worldwide Bitcoin Data Mining Review, which was released in July and claims to represent 50.5% of the global network, noting:

“Our metrics show ~59.5% of energy for Bitcoin mining comes from sustainable sources and energy efficiency improved 46% YoY.”

Michael Saylor Arguing About Bitcoin's Energy Use
Michael Saylor Arguing About Bitcoin's Energy Use 11

Michael Saylor argument comes at a time when the Bitcoin mining business has been under fire for having a negative impact on the environment, prompting some US states to consider outlawing crypto mining. The White House is also investigating recent Bitcoin mining problems.

Saylor argued:

“Approximately $4-5 billion in electricity is used to power & secure a network that is worth $420 billion as of today. This makes Bitcoin far less energy intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy intensive than traditional 20th century industries like airlines, logistics, retail, hospitality, and agriculture.”

Saylor further stated that 99.92% of global carbon emissions are caused by industrial uses of energy other than Bitcoin mining. According to the figures, Saylor does not feel environmentalists’ arguments against PoW mining are valid.

Michael Saylor Arguing About Bitcoin's Energy Use
Michael Saylor Arguing About Bitcoin's Energy Use 12

It can be said that the Bitcoin mining industry is in the sights of the authorities as well as the legal authorities. Michael Saylor’s argument is also valid when Bitcoin mining is an industry that consumes less carbon than other industries.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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