Every Crypto investor who has lost their money during this recent market collapse is now eyeing the profitable ways to regain their loss. Thus, MicroStrategy CEO Michael Saylor has advised to take up digital energy to make money. Stated that bitcoin mining is currently the most profitable way of using energy, said at the DC Blockchain Summit on Tuesday.
At the same event earlier, Shark Tank investor Kevin O’Leary, also an advocate for the blockchain industry, said environmental concerns are creating confusion in the mining space. While bitcoin (BTC-USD) consumes more electricity in a year than Sweden, Norway or the United Arab Emirates.
Saylor emphasized adding to the above that the energy usage for bitcoin mining is inconsequential, and is becoming even more efficient rapidly. MicroStrategy CEO Michael Saylor further stated that the amount of energy bitcoin is using in comparison with the total world energy usage is negligible.
Bitcoin bull Saylor further stated that mining is simply not efficient in its current state, but also continues to become even more efficient over time, he pointed out.
“It’s already the most cost-efficient major industrial user of energy in the world, it’s extraordinary in its efficiency,” Saylor said, “the important point is it’s getting more efficient.” adding to this Saylor Quoted: “I think we should embrace digital energy, it’s possible some states won’t embrace it as enthusiastically as others and that will be to their detriment.”
As proof, we can look to New York State as a prime example as the state grapples with the risks and benefits of Proof-of-Work vs. Proof-of-Work consensus mechanisms. Proof-of-Stake.
In addition to this, the regulatory inspection of the decentralized space has bloomed especially after the collapse of stablecoin TerraUST (USD-UST) and its sister token Luna (LUNA-USD). Saylor quotes this as:
“I think bitcoin mining is going to spread all over the country [U.S]. Note that the US is the largest bitcoin miner in the world, and it will continue to lead if we don’t get hostile regulation.
Further, the network hash rate is floating all-time high as more miners are verifying transactions on the blockchain due to which the network security ultimately increases.
