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Michael Thaler Condemns Misinformation About BTC Mining

With the Ethereum merger, many downplayed BTC while hyping up Ethereum’s shift from PoW to PoS.

The reason is the major cryptographic operations in PoW. Therefore, information about his BTC energy consumption in the mining process has surged.

However, BTC maximalist Michael Saylor defended the network. Thaler has newly stepped down as his CEO of MicroStrategy, denouncing misinformation about his Bitcoin mining. In addition, he rebelled against propaganda about the negative environmental impact of his PoW his mining of Bitcoin.

Recently, Thaler posted on Twitter, said His seven high-level stances on Bitcoin’s entire PoW saga. He tagged his post with “Bitcoin mining and the environment.”

BTC mining as the purest industrial use of electricity

Thaler projected his argument that BTC mining is still the purest industrial power use. He also said PoW crypto has recorded the fastest rate of improvement across primary industries in energy consumption.

The Bitcoin mining industry is under significant pressure regarding its environmental impact. In 2021, China has imposed a crackdown on BTC mining across the country. This has resulted in many mining companies closing and then moving out of the country. Recently, several US states are planning to ban cryptocurrency mining.

To back up his claims, Saylor cited the second quarter data from the Global Bitcoin Data Mining Review released in July. This report is a publication of the Bitcoin Mining Council, which is made up of 45 companies claiming to own approximately 50.5% of the global network.

Bitcoin is about to cross $20,000 l Source: BTCUSDT on TradingView.com

According to data, 59.5% of BTC mining power comes from sustainable sources. The report also shows that the energy efficiency of the process improved by about 46% year-over-year.

Using Mining to Divert PoS Securities

Thaler also posted that bitcoin mining is not the main cause of carbon emissions. He pointed out that about 99.92% of the world’s carbon emissions come from industrial processes other than his BTC mining.

Bitcoin Maximalists have pointed out that focusing on the environmental impact of BTC mining is not a fair decision. For him, it’s a strategy to divert the attention of regulators from trading his PoS his token, which is an unregistered security. He pointed out that these crypto assets are also traded on unregistered exchanges.

A typical case study is the ongoing litigation between the US Securities and Exchange Commission (SEC) and Ripple. The SEC alleges that Ripple has publicly sold his XRP, an unregistered security.

Thaler further argued that Bitcoin is constantly improving its network. So the overall result is more energy efficient mining than some tech giants like Netflix, Facebook, and Google.

Saylor also notes that the energy intensity of the mining process is about one to two orders of magnitude lower than that of other 20th century industries. These include airlines, retail, logistics, agriculture and hospitality.

Featured image from Pixabay and chart from TradingView.com



Michael Thaler Condemns Misinformation About BTC Mining

Source link Michael Thaler Condemns Misinformation About BTC Mining

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