Known for being a big bitcoin believer, Michael Saylor’s company has purchased almost 13,000 bitcoins in the last couple of years.
The Microstrategy executive recently took to talk about the amount of misinformation that has been circulating about bitcoin and cryptocurrencies, as he believes this is all just a propaganda.
The post
Saylor recently published a tweet about a recent blog post that he had made about bitcoin and the environment.
The Microstrategy leader said that he thought it was essential to share some truth about bitcoin mining and its impact on the environment because of the amount of propaganda and misinformation circulating.
His editorial is titled exactly that and it talks about the energy utilization of bitcoin, bitcoin compared to other industries, bitcoin compared with other cryptocurrencies and bitcoin’s energy intensity and value creation.
Other topics included the environmental benefits, carbon emissions and global energy, all in connection to bitcoin.
The purpose of all of these topics is to highlight the environmental misconceptions that have developed about the bitcoin network and how they can be viewed differently.
He wrote the blog post after a report was published by the US Office of Science and Technology Policy, which claimed that climate change was being affected due to proof-of-work (PoW) mining.
Energy
According to Saylor’s blog post, Bitcoin uses the excess and stranded energy at the edge of the grid in areas where there isn’t any demand and where the electricity may not be needed.
He stated that commercial and retail consumers of electricity in heavily populated areas pay 5 to 10 times more for every kWh as compared to bitcoin miners.
Therefore, the Microstrategy executive said that they should be regarded as wholesale consumers of electricity.
He also stressed that he believes a lot more energy is produced in the world than is actually required by the planet. He insisted that about one third of the energy goes to waste.
He said that the Bitcoin network is powered by the 15 basis points of energy, which is the cheapest margin and least valued energy remaining, after 99.85% of the world’s energy has already been allocated.
Environmental benefits
When comparing bitcoin with other industries, Saylor talked about a presentation of the Bitcoin Mining Council.
He also discussed the bitcoin network and the technology’s environmental benefits. He also mentioned Daniel Batten, the ESG analyst and chief executive of Geneious.
Batten has written a lot of papers on the particular subject, which had previously been reported in May and a specific study he had worked on.
It showed that by 2045, bitcoin mining could actually help eliminate 0.15% of the global warming in the world.
He also claimed in the paper that no other technology could be effective in eliminating emissions like Bitcoin.
Saylor said that it is possible to deploy Bitcoin for monetizing stranded methane gas or natural gas energy sources, which makes it good for the environment.
He said that curtailing emissions of methane gas is very notable and Batten had written a number of papers on the topic.