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Michael Saylor condemns “untruths” about Bitcoin’s power consumption

Bitcoin Hashrate
Bitcoin Hashrate / Image Credit: CRYPKYP
1663238861 15 Sep / 10:47

Ahead of Ethereum's move to proof-of-stake (PoS), Bitcoin maximalist Michael Saylor has attacked what he calls "misinformation and propaganda" over the environmental impacts of proof-of-work (PoW) BTC mining.

MicroStrategy's executive chairman, who just stepped down as CEO, published a lengthy message on his Twitter account on Wednesday, outlining seven "high-level ideas" on Bitcoin mining and its environmental effect.

One of his primary arguments was against the concept that Proof-of-Work (PoW) Bitcoin mining is inefficient.

Saylor contends that it is the “cleanest industrial use of power” and its energy efficiency is rising at the “fastest rate of any major business.”

He supported his claim with statistics from the Bitcoin Mining Council’s Q2 Worldwide Bitcoin Data Mining Review, which was released in July and claimed to represent 50.5% of the global network.

Our data indicate that 59.5% of the energy used for bitcoin mining originates from renewable sources, while energy efficiency increased by 46% year-over-year.

Saylor’s argument comes at a time when the BTC mining business has been under great fire about its claimed impact on the environment, leading certain U.S. states to take moves to prohibit crypto mining.

Saylor asserts that ongoing network upgrades and “relentless advancement in semiconductors” make mining far more energy efficient than huge technology corporations such as Google, Netflix, and Facebook.

Saylor stated that around $4 to $5 billion in electricity is utilized to power and safeguard a $420 billion network.

This makes Bitcoin far less energy heavy than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy intensive than established businesses of the 20th century, such as airplanes, shipping, retail, and hospitality.

Saylor further stated that 99.92% of the world’s carbon emissions are caused by industrial energy usage other than bitcoin mining.

Saylor does not feel that environmentalist arguments against PoW mining are valid after examining the data.

Rather, it is an attempt to “focus unfavorable attention on Proof-of-Work mining” and divert authorities from the “inconvenient fact that Proof-of-Stake crypto assets are often unregistered securities trading on uncontrolled exchanges,” according to his assessment.

Ripple is entangled in a lawsuit with the Securities and Exchange Commission (SEC) for allegedly selling unregistered securities in the form of Ripple’s XRP. This is one of the most prominent legal matters currently pending.

Saylor concludes that the negative surrounding PoW mining obscures the potential global advantages.

Bitcoin mining can provide a clean, productive, and sophisticated economy that earns hard cash to remote areas of the developing world that are only accessible by satellite.

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