The Microstrategy executive Michael Saylor is a big believer in Bitcoin as his company has purchased close to 130,000 bitcoin during the last few years. Six days ago, the U.S. Office of Science and Technology Policy published a report that claims proof-of-work mining operations have been affecting climate change. The science and tech department believes the Biden administration needs to take action against the industry and create mining standards and regulations. Following the report, Saylor published a letter addressed to journalists, investors, and regulators concerning the “sheer volume of misinformation [and] propaganda circulating lately.”
Microstrategy’s Executive Chairman Publishes a Blog Post That Discusses Bitcoin and the Environment
Microstrategy’s Michael Saylor published a tweet that leads to a recent blog post he wrote concerning Bitcoin and the environment. “Given the sheer volume of misinformation [and] propaganda circulating lately, I thought it important to share the truth regarding Bitcoin Mining and the Environment,” Saylor wrote with a link to his blog post.
The editorial is called “Bitcoin Mining and the Environment” and it discusses topics such as “Bitcoin Energy Utilization,” “Bitcoin vs. Other Industries,” “Bitcoin Value Creation & Energy Intensity,” “Bitcoin vs. Other Cryptos,” “Bitcoin & Carbon Emissions,” “Bitcoin & Environmental Benefits,” and “Bitcoin & Global Energy.” Each topic shows how a number of environmental misconceptions about the Bitcoin network can be looked at in a different manner.
“Bitcoin runs on stranded, excess energy, generated at the edge of the grid, in places where there is no other demand, at times when no one else needs the electricity,” Saylor’s blog post says. “Retail [and] commercial consumers of electricity in major population areas pay 5-10x more per kWh (10-20 cents per kWh) than bitcoin miners, who should be thought of as wholesale consumers of energy (normally budgeting 2-3 cents per kWh),” the Microstrategy executive’s editorial adds.
Saylor stresses that he believes the world produces a whole lot more energy than the planet actually needs. “Approximately a third of this energy is wasted,” Saylor insists. “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.”
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