- Michael Saylor termed “misinformation and propaganda” for spreading false information on BTC mining.
- False information is being spread regarding Bitcoin Mining and PoW: Saylor.
Recently the Ethereum blockchain shifted its working from PoW(Proof-of-Work) to PoS(Proof-of-Stake), and the news of the massive change gained popularity.
Michael Saylor, the Bitcoin supporter, once again gathered the limelight for his statement “misinformation and propaganda” about the environmental consequences of PoW(proof-of-work) Bitcoin mining.
Michael Saylor was Chief Executing Officer of MicroStrategy. Still, recently, he left his post of CEO and acquired the post of executive chairman of MicroStrategy, posted on Wednesday on his Twitter account about “extraordinary thoughts” of Bitcoin mining and its impacts on the environment.
The major point of his discussions was against the belief that Proof-of-Work Bitcoin mining isn’t energy efficient.
Rather, Michael Saylor argues it is the “cleanest industrial use of electricity and is improving its energy efficiency at the fastest rate across any major industry.”
Saylor supported his argument by referencing the H2 Global Bitcoin Data Mining review published in July by the Mining Council of Bitcoin, a group of 45 companies that claim to represent 50.5% of the global network, quoting: “Our metrics show ~59.5% of energy for bitcoin mining comes from sustainable sources and energy efficiency improved 46% YoY.”
Saylor talked about the issue as the Bitcoin mining industry has received a lot of pressure over its alleged impact on the environment. It has even been concluded that the United States is moving forward to ban crypto mining.
Michael Saylor further reasoned that continuous progress in the network and “relentless improvement in the semiconductor” make mining more energy efficient compared to big tech companies like Facebook, Netflix, and Google.
Saylor said, “Approximately $4-5 billion in electricity is used to power & secure a network that is worth $420 billion as of today.”
Extending his argument, he noted, “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 also claimed that more than 99% of carbon emission globally is because of industrial energy uses, not because of bitcoin mining.
While concluding his statement, Saylor underlined that negativity toward PoW mining distracts from the world’s possible benefits.
“Bitcoin mining can bring a clean, advantageous and modern industry that generates hard currency to remote locations in the developing world, connected only via satellite link.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/09/16/michael-saylor-condemned-misinformation-btc-mining/