Bitcoin

Michael Saylor Arguing About Bitcoin’s Energy Use

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.

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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.”

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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.

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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.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.