In front of Ethereum’s transition to proof-of-stake (PoS), Bitcoin (BTC) maximalist Michael Saylor originates out swinging against what he states is “misinformation and propaganda” concerning the ecological impacts of proof-of-work (Bang) BTC mining.
The MicroStrategy executive chairman, who lately walked lower as Chief executive officer, shared a extended publish on his Twitter account on Wednesday, detailing seven of his “high level thoughts” on BTC mining and it is effect on the atmosphere.
Because of the sheer amount of misinformation & propaganda circulating recently, I figured it vital that you share the reality regarding #Bitcoin Mining and also the Atmosphere.https://t.co/CRkayFwDsj
— Michael Saylor⚡️ (@saylor) September 14, 2022
Certainly one of his key arguments was against the concept Bang BTC mining isn’t energy-efficient.
Rather, Saylor claims it’s the “cleanest industrial utilization of electricity and it is improving its energy-efficiency in the fastest rate across any major industry.”
He supported his argument with figures obtained from the Q2 Global Bitcoin Data Mining Review printed in This summer through the Bitcoin Mining Council, several 45 firms that claim that they can represent 50.5% from the global network, noting:
“Our metrics show ~59.5% of one’s for bitcoin mining originates from sustainable sources and efficiency improved 46% YoY.”
Saylor’s argument may come as the BTC mining industry has gotten more pressure than normal over its alleged effect on the atmosphere, that has even brought to particular U . s . States states making plans to ban crypto mining.
Saylor claims that constant enhancements towards the network and “relentless improvement within the semiconductors,” makes mining much more energy-efficient than large tech companies for example Google, Netflix or Facebook.
“Approximately $4-5 billion in electricity can be used to power & secure a network that’s worth $420 billion currently,” contended Saylor:
“This makes Bitcoin much less energy intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy intensive than traditional twentieth century industries like airlines, logistics, retail, hospitality, and agriculture.”
Saylor also claimed that 99.92% of carbon emissions on the planet result from industrial purposes of energy apart from bitcoin mining.
Searching in the figures, Saylor doesn’t believe environmentalist arguments condemning Bang mining are fair.
Rather, in the opinion, it’s an effort to “focus negative attention on Proof-of-Work mining” and draw attention away from government bodies in the “inconvenient truth that Proof-of-Stake crypto assets are usually unregistered securities buying and selling on unregulated exchanges.”
Within the more high-profile law suits right now, Ripple is embroiled inside a suit using the Registration (SEC) for allegedly performing an unregistered securities purchase by means of Ripple’s XRP.
Related: Michael Saylor got wrecked, but Bitcoin investors need not panic
In conclusion, Saylor states all of the negativity toward Bang mining distracts in the possible benefits for that world.
“Bitcoin mining may bring a clear, lucrative and modern industry that generates hard currency to remote locations within the third world, connected only via satellite link.”
