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 Discussing Bitcoin and the Environment
Posted by Michael Sayler of Microstrategy Tweet This leads to a recent blog post he wrote about bitcoin and the environment. “Given the massive amount of misinformation” [and] With the recent hype, I thought it was important to share the truth about bitcoin mining and the environment,” Sailor 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 trapped, excess energy, which is generated at the edge of the grid, in places where there is no other demand, at a time when no one else needs electricity,” says Sayler’s blog post. stated in. “retail [and] Commercial consumers of electricity in major populated areas pay 5–10x more per kWh (10–20 cents per kWh) than bitcoin miners, who should be considered bulk consumers of energy (usually 2 per kWh). -3 cents budget),” said an editorial from the Microstrategy executive.
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.”
In a topic related to “Bitcoin versus other industries”, Saler cited a presentation from the Bitcoin Mining Council. The microstrategy executive also spoke about the environmental benefits of the bitcoin network and technology. Saylor noted Genius CEO and ESG analyst, Daniel Battenwho published many papers on this subject.
Bitcoin.com News reported on Batten’s work in May, after a particular study Batten worked on said that bitcoin mining has the potential to eliminate 0.15% of the world’s global warming by 2045. He also argued in the paper that no other technology could eliminate emissions better than Bitcoin.
“There is a growing awareness that bitcoin is enormously beneficial to the environment as it can be deployed to monetize trapped natural gas or methane gas energy sources. The reduction in methane gas emissions is particularly compelling and [Daniel Batten] Some influential papers have been written on this subject. It has also become clear that energy grids that rely primarily on sustainable power sources such as wind, hydro, and solar can become unreliable at times due to a lack of water, sunlight, or wind. Sailor added:
“In this case, they need to be paired with a large electricity consumer like a bitcoin miner in order to develop grid resilience & finance the buildout of additional capacity necessary to responsibly power major industrial/population centers. The recent example of major Bitcoin energy curtailment on the ERCOT grid in Texas is an example of the benefits of bitcoin mining to sustainable power providers.”
The executive chairman of Microstrategy cites two links linked to research from the Bitcoin Mining Council. Saylor also shares the macro environmental research website casebitcoin.com. The Microstrategy executive’s blog post ends by thanking people for their interest in Saylor’s research blog post. According to the current Bitcoin Treasury list, Microstrategy currently has 129,698 BTC on its balance sheet.
