Michael Saylor criticises alleged propaganda against proof-of-work Bitcoin mining  | The Financial Express

Michael Saylor criticises alleged propaganda against proof-of-work Bitcoin mining 

According to Cointelegraph, the MicroStrategy executive chairman, who recently quit from his position as CEO, shared a post on Twitter by providing details on seven of his opinions on BTC mining and its impact on the environment

Michael Saylor criticises alleged propaganda against proof-of-work Bitcoin mining 
Saylor concluded by saying that all the negative criticism towards PoW mining could lead to distractions from the possible benefits which can be offered through the network

Bitcoin maximalist Michael Saylor has criticised the misinformation on the environmental impacts of proof-of-work (PoW) Bitcoin mining by calling it to be misinformed and having the grounds of propaganda, as reported by Cointelegraph.

According to Cointelegraph, the MicroStrategy executive chairman, who recently quit from his position as CEO, shared a post on Twitter by providing details on seven of his opinions on BTC mining and its impact on the environment. Saylor made an argument against the notion that PoW BTC mining isn’t energy efficient. Instead, Saylor made the claim that it is a clean industrial use of electricity and is ensuring the improvement of energy usage at a rapid pace across different industries, by supporting his argument with figures from the Q2 Global Bitcoin Data Mining review published in July by the Bitcoin mining council, which is a group of 45 companies claiming to represent 50.5% of the global network.

“Our metrics show ~59.5% of energy for bitcoin mining comes from sustainable sources and energy efficiency improved 46% YoY,” the report stated. 

On the basis of information by Cointelegraph, Saylor further made the claims that continuous improvements to the network can ensure that the network is more energy efficient than technology-based companies such as Google, Netflix, Facebook, among others. 

“Approximately $4-5 billion in electricity is used to power & secure a network that is worth $420 billion as of today. This makes Bitcoin far less energy intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy intensive than traditional 20th century industries like airlines, logistics, retail, hospitality, and agriculture,” Saylor said.

Moreover, Cointelegraph noted that Saylor concluded by saying that all the negative criticism towards PoW mining could lead to distractions from the possible benefits which can be offered through the network. “Bitcoin mining can bring a clean, profitable and modern industry that generates hard currency to remote locations in the developing world, connected only via satellite link,” Saylor concluded.

(With insights from Cointelegraph)

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