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

Michael Saylor from Microstrategy is a strong believer of Bitcoin. In fact, his company purchased nearly 130,000 bitcoin over the course of the last year. Six days ago the U.S. Office of Science and Technology Policy published an analysis that found proof-of-work mining activities had been negatively affecting climate change. Biden’s science and tech division believes that the administration should take action to stop the mining industry, and develop standards and regulations for the sector. 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 That Discusses Bitcoin and the Environment

Microstrategy’s Michael Saylor published a tweetThis leads us to his recent blog post about Bitcoin and the Environment. “Given the sheer volume of misinformation [and] propaganda circulating lately, I thought it important to share the truth regarding Bitcoin Mining and the Environment,” Saylor 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 stranded, excess energy, generated at the edge of the grid, in places where there is no other demand, at times when no one else needs the electricity,” Saylor’s blog post says. “Retail [and] commercial consumers of electricity in major population areas pay 5-10x more per kWh (10-20 cents per kWh) than bitcoin miners, who should be thought of as wholesale consumers of energy (normally budgeting 2-3 cents per kWh),” the Microstrategy executive’s editorial adds.

Saylor insists that the world consumes a lot more energy than it actually uses. “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 the topic concerning “Bitcoin vs. Other Industries,” Saylor cites a Bitcoin Mining Council presentation. Microstrategy executives also discussed the Bitcoin network as well as the benefits it has for the environment. Saylor also mentioned Geneious’ CEO and ESG analyst. Daniel BattenHe published several papers on the topic.

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. The paper also stated that Bitcoin is the best technology to reduce emissions.

“There is an increasing awareness that Bitcoin is quite beneficial to the environment because it can be deployed to monetize stranded natural gas or methane gas energy sources. Methane gas emissions’ curtailment is particularly compelling and [Daniel Batten]Some of his papers are impressive. It has also become clear that energy grids that rely primarily on sustainable power sources like wind, hydro, & solar can be unreliable at times due to lack of water, sunlight, or wind.” Saylor 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 Microstrategy executive chairman cites two links tied to the Bitcoin Mining Council’s research. Saylor shares casebitcoin.com, a macro-environment research website. The Microstrategy executive’s blog post concludes by thanking people for their interest in Saylor’s researched blog post. Microstrategy holds currently 129698 BTC according to its current bitcoin treasuries list.

In this story, tags
Biden Administration. Bitcoin Mining. Bitcoin Mining Report. Carbon Credits. CO2-eq Emissions. Climate. Daniel Batten. data points. electricity usage. energy use. feasibility. microstrategy. Microstrategy executive Chairman. Mining Industry. Mining pollution. Proof of Work. Science and Tech Dep. studies.

What do you think about the Microstrategy executive chairman’s blog post about the Bitcoin network and the environment? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 6000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine