As Ethereum’s transition to Proof-of-Stake (PoS) approaches, bitcoin (BTC) miner Michael Saylor has spoken out against what he calls “misinformation and propaganda” regarding the environmental impact of bitcoin mining. based on Proof of Work (poW).
MicroStrategy’s executive chairman, who recently stepped down as CEO, posted a lengthy message on his Twitter account on Wednesday, outlining seven of his “high-level thoughts” on BTC mining and its impact on the environment.
Due to the amount of misinformation and propaganda that has been circulating recently, I thought it was important to share the truth #Bitcoin Mining and the Environment.https://t.co/CRkayFwDsj
— Michael Saylor⚡️ (@saylor) September 14, 2022
Due to the amount of misinformation and propaganda circulating recently, I thought it was important to share the truth about #bitcoin mining and the environment.https://t.co/CRkayFwDsj – Michael Saylor⚡️ (@saylor ) September 14, 2022.
One of his main arguments against the idea was that BTC PoW mining is not energy efficient.
On the contrary, Saylor claims it is “the cleanest industrial use of electricity and improving its energy efficiency at the fastest rate of any major industry.”
He supports his argument with figures from the Q2 Global Bitcoin Data Mining Review published in July by the Bitcoin Mining Council, a group of 45 companies that claim to represent 50.5% of the global network, saying:
“Our measurements show that ~59.5% of the energy used for bitcoin mining comes from sustainable sources and that there is a 46% year-over-year improvement in energy efficiency.”
Saylor’s argument comes as BTC mining has received a lot of press due to its alleged impact on the environment, which has even led to some US states taking steps to ban cryptocurrency mining.
Saylor says continuous network improvements and “relentless improvement of semiconductors” make mining much more energy efficient than big tech companies like Google, Netflix or Facebook.
“About $4-5 billion of electricity is used to power and secure a $420 billion grid today,” Saylor said:
“This makes the Bitcoin network much less energy intensive than Google, Netflix or Facebook, and 1-2 orders of magnitude less energy intensive than traditional 20th century industries such as airlines, logistics, retail, hospitality and hospitality. ‘agriculture’.
Saylor also claimed that 99.92% of the world’s carbon emissions are due to industrial uses of energy other than bitcoin mining.
Given these figures, Mr. Saylor does not think that the environmental arguments criticizing PoW-based mining are correct.
Rather, it is, he says, an attempt to “focus negative attention on Proof of Work mining” and distract the authorities from the “inconvenient truth that crypto-based assets are generally unregistered securities that trade on an unregulated basis . exchanges”.
In one of the most high-profile lawsuits around, Ripple is suing the Securities and Exchange Commission (SEC) for allegedly selling unregistered securities in the form of Ripple’s XRP token.
Also Read: Michael Saylor Was Shipwrecked, But Bitcoin Shouldn’t Panic Investors
Finally, Michael Saylor argues that all the negativity towards mining like PoW takes away from the potential benefits for the world.
“Bitcoin mining can bring a clean, profitable and modern industry that generates hard currency to remote parts of the developing world that are connected only by a satellite link.”