Michael Saylor publishes open letter discussing ‘amount of misinformation’ associated with Bitcoin – Bitcoin News

Michael Saylor, the CEO of MicroStrategy, is a big believer that his company has bought about 130,000 bitcoins in the past few years. Six days ago, the US Science and Technology Policy issued a report that affirmed that mining operations are causing climate change. The Department of Science and Technology believes the Biden administration needs to act on the industry and create mining standards and regulations. After the report, Saylor published a letter to reporters, investors and regulators regarding the “abundance of misinformation.” [and] The latest propaganda

The Executive Chairman of Microstrategy has published a blog post discussing Bitcoin and its environment

Microstrategy published by Michael Saylor Twitter This leads to a recent blog post he wrote regarding Bitcoin and the environment. “Given the amount of misinformation [and] In light of the recent propaganda, I thought it was important to share the truth about Bitcoin mining and the environment,” Saylor said in a link to the blog post.

The editorial is called “Bitcoin Mining and the Environment” and includes articles such as “Bitcoin Energy Utilization”, “Bitcoin vs. Other Industries”, “Bitcoin Value Creation & Energy Intensity”, “Bitcoin vs. Other Cryptos”, “Bitcoin & Carbon Emissions”, “Bitcoin and Environmental Benefits” and “Bitcoin and Global Energy.” Each topic shows how a number of environmental misconceptions about the Bitcoin network are addressed in a different way.

Saylor’s blog post says: “Bitcoin works in a closed, redundant power, created at the edge of the grid, where there is no other interest, when no one else wants it.” “Retail [and] Electricity consumers in major public areas pay 5-10x per kWh (10-20 cents per kWh) compared to bitcoin miners as bulk energy consumers (typically budgeting 2-3 cents per kWh). Adds MicroStrategy Executive Editorial.

Saylor emphasized that he believes the world produces more energy than the planet actually needs. “A third of this energy is wasted,” insists Salor. “The entire Bitcoin network of the last 15 power plants – this is the low-cost, cheap energy margin left over after 99.85% of the world’s energy has been allocated to other uses.”

On the topic of “Bitcoin vs. Other Industries”, Saylor mentions the approach of the Bitcoin Mining Council. The MicroStrategy executive spoke about the Bitcoin network and the environmental benefits the technology offers. Sayler cites the CEO of Genius and ESG analyst; Daniel BattenHe has published several papers on the subject.

Batten reported in Batten’s work in May that bitcoin mining has the potential to offset 0.15% of global warming by 2045. He argued in the paper that no other technology could offset these emissions. Better than Bitcoin.

“There is a growing awareness that Bitcoin is very beneficial for the environment, because it can monetize energy sources of trapped natural gas or methane gas. Limiting methane gas emissions is particularly compelling and [Daniel Batten] He has written some wonderful articles on this subject. It has become clear that energy grids that rely primarily on renewable energy sources such as wind, hydro, and solar cannot be reliable due to a lack of water, sunlight, or wind. Salor added:

“In this case, they need to tie up with a large electricity user like a bitcoin miner to develop grid resiliency and build the additional capacity needed to responsibly power major industrial/population centers. A recent example of a major bitcoin power outage on the ERCOT grid in Texas is a bitcoin miner.” The benefits to sustainable energy providers are an example.

Microstrategy’s executive chairman cites two links to research from the Bitcoin Mining Council. Saylor also shares the macro environment research website casebitcoin.com. The microstrategy executive’s blog post concludes by thanking people for their interest in Seiler’s researched blog post. Microstrategy currently holds 129,698 BTC on the account, according to the current bitcoin treasury details.

Tags in this story

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What do you think of Microstrategy Executive’s blog post about the Bitcoin network and its environment? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the news lead at Bitcoin.com and a financial tech journalist based 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 Bitcoin.com News about disruptive protocols emerging today.

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