Because of the Ethereum Merge, concerns about the Proof-of-Work consensus appeared. However, many downplayed Bitcoin (BTC) while emphasizing Ethereum’s switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
However, Michael Saylor stepped up to defend the blockchain. Saylor, who recently left as CEO of MicroStrategy, stated his disapproval of the false information regarding the mining of Bitcoin (BTC). Additionally, he protested against the advertising about the harmful effects of the PoW mining of Bitcoin (BTC) on the environment.
Saylor previously articulated his seven principled positions on the entire Bitcoin PoW debate through tweets. He included the hashtag “Bitcoin mining and the ecology” in his tweet.
The environmental impact of the bitcoin mining sector has been a major point of contention. China began a nationwide ban on Bitcoin (BTC) mining last year. This resulted in the shutdown of numerous mining companies and their eventual exodus from the nation. Lately, there have been plans to outlaw Bitcoin (BTC) mining in various US jurisdictions.
Saylor used the Q2 statistics from the Global Bitcoin Data Mining Review published in July to support his claim. The Bitcoin Mining Council, which is made up of 45 companies and purported to control around 50.5% of the worldwide network, published the report.
The statistics show that 59.5% of the electricity used for Bitcoin (BTC) mining comes from renewables. The analysis also showed that the process’s energy efficiency had increased by roughly 46% year-on-year.
Saylor also stated that carbon emissions from Bitcoin (BTC) mining are not particularly significant. He stated that industrial operations other than mining Bitcoin (BTC) account for approximately 99.92% of global carbon emissions.
Saylor pointed out that it is unfair to base one’s decision solely on how mining Bitcoin (BTC) affects the environment. He views it as a tactic used to divert regulatory agencies from the trading of unregistered securities known as PoS coins. He pointed out that these digital assets are being traded on unlicensed markets.
The former MicroStrategy CEO added that the infrastructure of Bitcoin (BTC) has continuously improved to support his claim. As a result, mining is now more energy-efficient than some of the world’s largest internet companies, including the likes of Meta and Netflix.
Additionally, Saylor pointed out that compared to other 20th-century sectors, the total output for the mining procedure is 1-2 orders of magnitude lower. Aviation, commerce, logistics, agribusiness, and tourism are a few of these sectors.