Michael Saylor Publishes Open Letter Discussing “Volume of Misinformation” Related to Bitcoin – Bitcoin News

Microstrategy executive Michael Saylor is a firm believer in bitcoin, as his company has purchased nearly 130,000 bitcoins over the past few years. Six days ago, the US Office of Science and Technology Policy released a report that claims proof-of-work mining operations have affected climate change. The science and technology department believes the Biden administration needs to take action against the industry and create mining standards and regulations. Following the report, Saylor issued a letter to journalists, investors and regulators regarding the “massive volume of misinformation [and] propaganda circulating lately.

Microstrategy’s Executive Chairman Publishes a Blog Post That Discusses Bitcoin and the Environment

Michael Saylor of Microstrategy published a Tweeter this leads to a recent blog post he wrote regarding bitcoin and the environment. “Given the volume of misinformation [and] propaganda circulating lately, I thought it was important to share the truth about bitcoin mining and the environment,” Saylor wrote with a link to his blog post.

The editorial is titled “Bitcoin Mining and the Environment” and covers topics such as “Bitcoin Energy Utilization”, “Bitcoin vs. Other Industries”, “Bitcoin Value Creation & Energy Intensity”, “Bitcoin vs. Other Cryptos”, “Bitcoin and Carbon Emissions,” “Bitcoin and Environmental Benefits,” and “Bitcoin and Global Energy.” Each topic shows how a number of environmental misconceptions about the Bitcoin network can be examined in different ways.

“Bitcoin runs on stranded excess power, generated at the edge of the network, in places where there is no other demand, at times when no one else needs electricity,” says Saylor’s blog. “Detail [and] commercial electricity consumers in large population areas pay 5-10 times more per kWh (10-20 cents per kWh) than bitcoin miners, who should be considered wholesale energy consumers (normally budgeting 2 at 3 cents per kWh),” the Microstrategy executive editorial adds.

Saylor points out that he believes the world produces far more energy than the planet actually needs. “About a third of that energy is wasted,” Saylor insists. “The last 15 basis points of energy power the entire Bitcoin network – it’s the least valued and cheapest margin of energy left after 99.85% of the world’s energy is allocated for other uses.”

In the topic regarding “Bitcoin vs. Other Industries”, Saylor cites a presentation from the Bitcoin Mining Council. The Microstrategy executive also spoke about the Bitcoin network and the environmental benefits the technology has to offer. Saylor mentioned Geneious CEO and ESG analyst, Daniel Lattewho has published several articles on the subject. News reported on Batten’s work in May, after a particular study Batten worked on said bitcoin mining has the potential to remove 0.15% of global climate warming from by 2045. He also argued in the article that no other technology could eliminate emissions. better than bitcoin.

“There is a growing awareness that Bitcoin is highly beneficial to the environment as it can be deployed to monetize stranded natural gas or methane energy sources. The reduction in methane gas emissions is particularly compelling and [Daniel Batten] has written some impressive articles on this topic. It has also become apparent that energy grids that rely primarily on sustainable energy sources such as wind, hydro and solar can sometimes be unreliable due to lack of water, sunlight or electricity. wind. Saylor added:

“In this case, they should be partnered with a large consumer of electricity like a bitcoin miner to build grid resilience and fund the construction of the additional capacity needed to responsibly power key industrial/population centers. The recent example of the major Bitcoin energy cut on the ERCOT network in Texas is an example of the benefits of bitcoin mining for sustainable energy providers.

The executive chairman of Microstrategy cites two links related to Bitcoin Mining Council research. Saylor also shares the macro environment research website. The Microstrategy executive’s blog post ends by thanking people for their interest in the blog post Saylor is looking for. Microstrategy currently holds 129,698 BTC on its balance sheet, according to current bitcoin treasury listings.

Keywords in this story

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What do you think of the Microstrategy Executive Chairman’s blog post on 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 manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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