MINING

Michael Saylor Advocates Bitcoin Mining Against Critics

The bitcoin maximalist and former executive chairman of Microstrategy Michael Saylor delivered the clap back at Bitcoin critics. Saylor advocates bitcoin mining, saying it is the most efficient, cleanest industrial use of electricity. 

He also emphasized that the Bitcoin mechanism is 100 times greater in its output cost than its input. In the blog post, he elaborated points on how the bitcoin network does not pose a negative impact on the environment.

He argued that Bitcoin’s contribution to climate change is still a rounding error on the global stage. He said 99.92% of carbon emissions in the world are due to industrial uses of energy other than bitcoin mining. 

He further justified his statement by saying Bitcoin mining is neither the problem nor the solution to the challenge of reducing carbon emissions. 

Saylor also stated how Bitcoin Mining provides objective benefits to energy and environmental systems. For instance, miners can be used to make money off stranded methane gas that would otherwise be vented out in a way that is much more detrimental to the environment.

Moreover, miners can provide a flexible load to energy grids with unreliable renewable sources like solar and wind power. This way, grids stay profitable and finance the buildout of additional capacity necessary to responsibly power major population/industrial centers. 

Saylor’s statements came just before the Ethereum merge upgrade successfully took effect. Saylor pointed out that the environmental issues associated with bitcoin are far less than they are often exaggerated by the anti-bitcoin lobby.

Last month, Michael Saylor also made the case against Ethereum, complaining that the protocol lacks time-tested information. He even emphasized that the lack of such factors leads to concern about the security and technical reliability of the network.

This time, he clarified that the concerns over Bitcoin’s energy consumption are nothing but proof-of-stake (PoS) crypto lobbyist propaganda. 

He believes it wouldn’t be on the public radar if not for the extensive guerilla marketing activities of other crypto promoters and lobbyists that want to focus negative attention on proof-of-work mining. 

Also Read: D.C. AG files Lawsuit Against Michael Saylor for $25M Tax Evasion


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Traciwininger
Author: Traciwininger

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