Michael Saylor does not believe that the Bitcoin network has a negative impact on the environment.
The bitcoin maximalist, executive chairman of MicroStrategy and suspected tax evader said in a letter Wednesday that mining is “the most efficient and clean industrial use of electricity. According to him, the mechanism of bitcoin has a cost of exit 100 times higher than that of its entry.
According to estimates, the annual energy consumption of bitcoin is equivalent to that of a small country. But proponents of the original cryptocurrency and its energy-intensive proof-of-work consensus mechanism say much of the consumption comes from green sources, like the wind and the sun.
In the PoW model, miners compete to add new blocks to the chain. But other popular blockchains avoid PoW. Ethereum’s ongoing Merge upgrade to a proof-of-stake consensus system aims to significantly reduce these environmental concerns.
According to Saylor, it’s not that simple. He argued that the ‘dedicated energy’ powering these devices will shift to ‘generic computers’, redistributing efficiency that won’t limit carbon emissions. Saylor previously pledged to defend bitcoin against energetic criticism as a founding member of the Bitcoin Mining Council.
Saylor said the negative sentiments surrounding PoW mining tend to “distract regulators, politicians [et] general public” of proof-of-stake-based cryptocurrencies, which are “generally unregistered securities”.
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