Michael Saylor, a hopeless Bitcoin idealist, has risen in force against everything he calls misleading information and media manipulation about the environmental problems of proof-of-work BTC extraction right before Ethereum’s shift to proof-of-stake.
Last Wednesday, MicroStrategy’s chairperson, who later backed down as a leader, communicated in a long comment on his Twitter feed, outlining seven high-level opinions on Bitcoin extraction and its environmental impact.
Given the sheer volume of misinformation & propaganda circulating lately, I thought it important to share the truth regarding #Bitcoin Mining and the Environment.https://t.co/CRkayFwDsj
— Michael Saylor⚡️ (@saylor) September 14, 2022
Perhaps one of his main points was that PoW BTC extraction is inefficient energy consumption. Instead, Saylor asserts that it’s the cleanest manufacturing utilization of energy and is enhancing energy productivity at the rapid speed of any large industry.
He upheld his assertion with statistics from the Bitcoin Mining Council’s 2nd quarter Global Bitcoin Data Mining Review, which was published last July and claims to cover 50.5% of a worldwide network, mentioning that 59.5% of electricity for mining bitcoin arises from renewable materials and fuel efficiency enhanced 46% year on year.
Saylor’s assertion occurs when the Bitcoin mining sector has come under fire for its alleged environmental impact, with some US states even considering prohibiting virtual currency mining.
Constant improvement
Saylor asserts that continual network advancements and unrelenting semiconductor advancement make extraction far more power intensive than large technology companies like Facebook, Netflix, or Google.
According to Saylor, roughly $4-5B in energy is employed to power and secure a system worth $420B today. He says that Bitcoin uses far less electricity than Facebook, Netflix, or Google, and 1-2 hundredths of an enormity less electricity than conventional 20th-century businesses like airline companies, logistic support, sales, accommodation, and agricultural production.
Saylor furthermore asserted that 99.92% of global carbon dioxide emissions are caused by industrial electricity uses besides bitcoin mining. According to the data, Saylor doesn’t believe environmentalists’ arguments against PoW mining seem valid.
Instead, he believes it is an effort to shift negative attention away from Proof-of-Work extraction and divert authorities’ focus away from the uncomfortable fact that Proof-of-Stake virtual currency assets are usually unregistered investment vehicles traded on unregulated transactions.
Ripple is currently involved in a high-profile court fight with the Securities and Exchange Commission for supposedly undertaking an unlicensed equities sale in the shape of the Ripple XRP.
Finally, Saylor claims that all of the negativity surrounding PoW extraction diverts attention from the positive advantages for the universe.
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