Bitcoin (BTC) maximalist Michael Sayler, ahead of Ethereum’s transition to proof-of-stake (PoS), has come up against “misinformation and hype” about the environmental impacts of proof-of-work (PoW) BTC mining. have come. ,
The executive chairman of Microstrategy, who recently stepped down as CEO, shared a lengthy post on his Twitter account on Wednesday, detailing his seven “high-level views” on BTC mining and its impact on the environment. was.
— Michael Saylor⚡️ (@saylor) September 14, 2022
One of his major arguments was against the notion that PoW BTC mining is not energy efficient.
Instead, Sailor claims it is “the cleanest industrial use of electricity and is improving its energy efficiency at the fastest rate of any major industry.”
He support to They argue with data taken from the Q2 Global Bitcoin Data Mining Review published in July by the Bitcoin Mining Council, a group of 45 companies that claim to represent 50.5% of the global network, noting:
“Our metrics show that ~59.5% of the energy for bitcoin mining comes from sustainable sources and there is a 46% year-on-year improvement in energy efficiency.”
Sayer’s argument comes because the BTC mining industry has received a lot of pressure over its perceived impact on the environment, which has led some of the United States to take steps to ban crypto mining.
Sailor claims that continuous improvements to the network and “continuous improvements to semiconductors” make mining more energy efficient than large tech companies such as Google, Netflix or Facebook.
“About $4-5 billion of electricity is used to power and secure a network that is worth $420 billion to date,” Saler argued:
“This makes bitcoin much less energy intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy than traditional 20th century industries such as airline, logistics, retail, hospitality, and agriculture. Is.”
Sailor also claimed that 99.92% of the world’s carbon emissions are due to industrial uses of energy other than bitcoin mining.
Given the numbers, Sayer doesn’t believe the environmentalist arguments condemning PoW mining are justified.
Instead, in his opinion, it is an attempt to “focus negatively on proof-of-work mining” and distract authorities from the “uncomfortable truth that proof-of-stake crypto assets are generally unregistered securities on unregulated exchanges.” “
In one of the more high-profile legal cases at the moment, Ripple is embroiled in a lawsuit with the Securities and Exchange Commission (SEC) for allegedly conducting an unregistered securities sale in the form of Ripple’s XRP.
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Finally, Sayler says that all the negativity towards PoW mining distracts from the potential benefits to the world.
“Bitcoin mining could bring a clean, profitable and modern industry that generates hard currency to remote locations in the developing world, only connected via satellite links.”
Credit : cointelegraph.com