In a new seven-point argument, revolutionary Bitcoin bull Michael Saylor, says that there is no other industrial use of electricity more efficient and clean than Bitcoin.
The MicroStrategy Chairman, who recently stepped down as CEO to focus solely on the business Bitcoin activities, explains Bitcoin’s energy usage in a new blog post alongside seven key points:
- Bitcoin Energy Utilization
- Bitcoin vs. Other Industries
- Bitcoin Value Creation & Energy Intensity:
- Bitcoin vs. Other Cryptos:
- Bitcoin & Carbon Emissions:
- Bitcoin & Environmental Benefits
- Bitcoin & Global Energy
Noting that more than half of the energy used in Bitcoin mining is coming from sustainable sources and keeps growing, Saylor wrote:
“No other industry comes close (consider planes, trains, automobiles, healthcare, banking, construction, precious metals, etc.). The Bitcoin network keeps getting more energy efficient because of the relentless improvement in the semiconductors (SHA-256 ASICs) that power the bitcoin mining centers, combined with the halving of Bitcoin mining rewards every four years that is built into the protocol. This results in a consistent 18-36% improvement year after year in energy efficiency.”
Bitcoin is Clean and Far Less Energy Intensive
When considering the relative value of energy used, Saylor continued, Bitcoin has a better usage than most popular tech firms:
“Approximately $4-5 billion in electricity is used to power & secure a network that is worth $420 billion as of today, and settles $12 billion per day ($4 trillion per year). The value of the output is 100x the cost of the energy input. This makes Bitcoin far less energy intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy intensive than traditional 20th century industries like airlines, logistics, retail, hospitality, & agriculture.”
In the article, the MicroStrategy founder also discussed the unfair attention Bitcoin is getting over allegedly having a big negative impact on total carbon emissions while slamming Proof-of-Stake cryptocurrencies:
“99.92% of carbon emissions in the world are due to industrial uses of energy other than bitcoin mining. Bitcoin mining is neither the problem nor the solution to the challenge of reducing carbon emissions. 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 concluded his piece by highlighting the promise of Bitcoin, empowering the world’s population by a real currency, using renewable energy sources.
“Bitcoin maximalists believe that Bitcoin is an instrument of economic empowerment for 8 billion people around the world. This is supported by the ability of a bitcoin miner to monetize any power source, anywhere, anytime, at any scale. Bitcoin mining can bring a clean, profitable and modern industry that generates hard currency to a remote location in the developing world, connected only via satellite link. All that is needed is some excess electricity generated from a waterfall, geothermal source, or miscellaneous excess energy deposit.”
In times of scrutiny and false accusations on Bitcoin’s energy usage, Michael Saylor has a habit to step up and set things straight. It was already back in March of 2021 that he defended Bitcoin’s carbon footprint saying:
“Bitcoin miners go to the end of the earth, to the end of the grid. They’re using energy that otherwise would have been wasted. It’s either wasted hydroelectric energy, or for example natural gas wells that are about to be closed in and they either have to close them in or flare them.”
A recent report using data from the Bitcoin Mining Council revealed that Bitcoin has the potential of becoming a zero-emission network.
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