According to Saylor: “Bitcoin mining is neither the problem nor the solution to the challenge of reducing carbon emissions.”
Bitcoin maximalist and co-founder of MicroStrategy, Michael Saylor, has issued a note to share his “high-level thoughts” on Bitcoin Mining and the Environment.
The top-rated Embedded Analytics platform co-founder and ex-CEO addressed his note to journalists, investors, regulators, & anyone else with interest in Bitcoin and the environment, discussing popular “misconceptions and propaganda” about Bitcoin.
Saylor, while addressing the Bitcoin energy consumption claims, said:
“Bitcoin is powered by stranded, excess energy generated at the grid's edge, in places where there is no other demand, and at times when no one else requires the electricity.”
According to Saylor:
“The world produces more energy than it needs, and approximately a third of this energy is wasted. The last 15 basis points of energy power the entire Bitcoin Network - this is the least valued, cheapest margin of energy left after 99.85% of the energy in the world is allocated to other uses.”
Furthermore, Saylor says Bitcoin optimizes value creation while being less energy intensive. He stated that the bitcoin network output is worth 100 times the energy input cost. This means that Bitcoin utilizes much less energy compared to new world companies and “1-2 orders of magnitude less energy than traditional 20th-century industries like airlines, logistics, retail, hospitality, and agriculture.”
He also pointed out that the claims that Proof-of-Work mining is responsible for carbon emissions in the world are only distractions, as 99.92% of global carbon emission is due to industrial uses of energy other than Bitcoin mining.
He added that:
“Bitcoin mining is neither the problem nor the solution to the challenge of reducing carbon emissions.”
Saylor further stated:
“It is, in fact, a rounding error and would hardly be noticed if it were not for the competitive guerrilla marketing activities of other crypto promoters & lobbyists that seek to focus negative attention on Proof of Work mining in order to distract regulators, politicians, & the general public from the inconvenient truth that Proof of Stake crypto assets are generally unregistered securities trading on unregulated exchanges to the detriment of the retail investing public.”
Saylor went on to say that Bitcoin has become a tool of economic empowerment for billions of people worldwide and may benefit the environment since miners can leverage it to use up stranded natural gas or methane gas energy sources.
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