Michael Saylor Publishes Open Letter Discussing the ‘Sheer Volume of Misinformation’ Tied to Bitcoin – Bitcoin News

Microstrategy CEO Michael Saylor is a big believer in Bitcoin as his company has purchased nearly 130,000 bitcoins in the past few years. Six days ago, the US Office of Science and Technology Policy released a report claiming that proof-of-work mining practices have been affecting climate change. The science and technology division believes the Biden administration needs to take action against the industry and create mining standards and regulations. Following the report, Saylor published a letter to journalists, investors and regulators regarding the “absolute volume of misinformation.” [and] recently circulated propaganda. “

Microstrategy’s executive chairman publishes a blog post discussing Bitcoin and the environment

Michael Saylor of Microstrategy published a tweet leading to a recent blog post he wrote regarding Bitcoin and the environment. “With the sheer volume of misinformation [and] With the propaganda going around lately, I think it’s important to share the facts regarding Bitcoin Mining and the Environment,” Saylor wrote with a link to her blog post.

The Editor called “Bitcoin Mining and the Environment” and it discusses topics like “Bitcoin Energy Usage”, “Bitcoin vs Other Industries”, “Bitcoin Value Creation and Energy Intensity”, “ Bitcoin vs Other Cryptocurrencies”, “Bitcoin and Carbon Emissions”, “Bitcoin and Environmental Benefits” and “Bitcoin & Global Energy”. Each topic reveals some environmental misconceptions about the Bitcoin network that can be viewed in a different way.

“Bitcoins run on trapped, redundant energy, generated at the edge of the grid, in places where there is no other need, at times when no one else needs electricity,” Saylor’s blog post said. . “Retail [and] Commercial electricity consumers in major residential areas pay 5-10 times more per kWh (10-20 cents per kWh) than bitcoin miners who should be considered consumers wholesale energy (usually budgeting 2-3 cents per kWh),” the Microstrategy executive editorial added.

Saylor emphasized that he believes the world produces more energy than the planet actually needs. “About a third of this energy is wasted,” says Saylor. “The last 15 points of energy power the entire Bitcoin Network – this is the cheapest, lowest value of energy left after 99.85% of the world’s energy is allocated to the other uses.”

In the topic related to “Bitcoin vs other industries”, Saylor cites a Bitcoin Mining Council Presentation. The CEO of Microstrategy also spoke about the Bitcoin network and the environmental benefits the technology brings. Saylor mentioned the CEO of Widely and ESG analyst, Daniel Battenwho has published several articles on the subject. News reported on Batten’s work in May, after a particular study Batten did stated that bitcoin mining has the potential to eliminate 0.15% of the world’s global warming. in 2045. He also argued in the article that no other technology can eliminate emissions better than Bitcoin.

“There is a growing perception that Bitcoin is quite beneficial for the environment as it can be deployed to monetize trapped natural gas or methane energy sources. The reduction in methane emissions is particularly attractive and [Daniel Batten] has written some impressive articles on the subject. It is also clear that energy networks that rely primarily on sustainable energy sources such as wind, hydroelectricity and solar energy can sometimes be unreliable due to lack of water, sunlight or wind.” Saylor added:

“In this case, they need to be paired with a large electricity consumer such as bitcoin miners to develop the resilience of the grid and fund the construction of the additional capacity needed to power a responsible way for large industrial/residential centers. The recent example of Bitcoin’s massive power cut on the ERCOT grid in Texas is an example of the benefits of bitcoin mining for sustainable electricity providers. “

Microstrategy’s executive chairman cited two links tied to the Bitcoin Mining Council’s research. Saylor also shares a macro-environmental research site The Microstrategy CEO’s blog post ends by thanking everyone for their interest in Saylor’s researched blog post. Microstrategy currently holds 129,698 BTC on its balance sheet, at present bitcoin treasury list.

Cards in this story

Biden Administration, Bitcoin Mining, bitcoin mining report, Carbon credit, Carbon emissions, Climate, climate change, CO2-eq emissions, Cryptocurrency Mining, Electronic money, Daniel Batten, data point, use the electricity, Use of energy, Environment, environmental concerns, esg, ESG Analyst, Mining BTC ESG, Feasibility, methane emissions, michael saylor, microstrategy, Bitcoin has super speed, Executive Chairman Microstrategy, Mining sector, Mining pollution, PoW, PoW . Mining, Proof of work, Science and Technology Dep, learn, The White House

What do you think of the Microstrategy executive chairman’s blog post about the Bitcoin network and the environment? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the groundbreaking protocols emerging today.

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