Michael Saylor criticizes "misinformation" regarding the energy consumption of Bitcoin

 Michael Saylor criticizes "misinformation" regarding the energy consumption of Bitcoin

According to Michael Saylor, Bitcoin mining might develop into a clean, prosperous, and cutting-edge enterprise that produces hard currency for isolated areas in impoverished countries. 

Michael Saylor, a Bitcoin (BTC) maximalist, has spoken out strongly against what he calls "misinformation and propaganda" concerning the environmental effects of proof-of-work (PoW) BTC mining ahead of Ethereum's switch to proof-of-stake (PoS). 

On Wednesday, the former CEO of MicroStrategy and executive chairman of the company published a lengthy message on his Twitter account outlining seven of his "high level ideas" on BTC mining and its effects on the environment.

His main defense of the idea that PoW BTC mining isn't energy efficient was one of his main points. 

The opposite, according to Saylor, is true: "It is the cleanest industrial use of power and is improving its energy efficiency at the fastest rate across any major industry." 

He provided data from the Q2 Global Bitcoin Data Mining Review, which was released in July by the Bitcoin Mining Council, a collection of 45 organizations that asserts to represent 50.5% of the global network, to support his points, noting: 

"According to our measures, 59.5% of the energy used for bitcoin mining comes from green sources, and energy efficiency increased by 46% year over year."

Saylor's argument comes at a time when pressure has been put on the BTC mining business because to its purported environmental impact. Some US states have even taken action to outlaw crypto mining. 

Saylor asserts that mining is significantly more energy efficient than major internet companies like Google, Netflix, or Facebook because of ongoing network improvements and "relentless progress in the semiconductors." 

"A network that is currently worth $420 billion is powered and secured by roughly $4 to $5 billion worth of electricity" according to Saylor.

This means that Bitcoin uses 1-2 orders of magnitude less energy than Google, Netflix, or Facebook, as well as classic 20th-century industries like aviation, shipping, retail, hospitality, and agriculture.

Saylor doesn't think environmentalists' arguments against PoW mining are fair after looking at the numbers. 

He believes that it is instead an effort to "focus unfavorable attention on Proof-of-Work mining" and divert attention away from the "inconvenient truth that Proof-of-Stake crypto assets are often unregistered securities traded on uncontrolled exchanges." 

The Securities and Exchange Commission (SEC) is suing Ripple for allegedly selling unregistered securities in the form of Ripple's XRP. This is one of the more well-known legal disputes going on right now.

Saylor concludes by asserting that all the criticism of PoW mining obscures the potential advantages for the entire globe. 

"Bitcoin mining can bring a clean, successful, and contemporary sector that produces hard currency to remote areas in impoverished countries, reachable solely by satellite link."

Article Credit: CoinTelegraph

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