Michael Thaler Issues Open Letter Discussing “Massive Misinformation” Related To Bitcoin – Bitcoin News
Microstrategy executive Michael Saylor is a big believer in Bitcoin and his company has purchased nearly 130,000 Bitcoins over the past few years. Six days ago, the U.S. Office of Science and Technology Policy released a report claiming that proof-of-work mining operations are impacting climate change. The science and technology sector believes the Biden administration needs to take action against the industry and create mining standards and regulations. Following the report, Thaler issued a letter to journalists, investors and regulators about the “massive amount of misinformation.” [and] The latest propaganda
Microstrategy Chairman Publishes Blog Post Discussing Bitcoin and the Environment
Microstrategy’s Michael Saylor Tweet That leads to a recent blog post he wrote on Bitcoin and the environment. “Given the mass of misinformation, [and] Given the recent propaganda, we thought it important to share the truth about Bitcoin mining and the environment,” Thaler wrote, with a link to his blog post.
The editorials are called “Bitcoin Mining and the Environment”, “Bitcoin Energy Use”, “Bitcoin and Other Industries”, “Bitcoin Value Creation and Energy Intensity”, “Bitcoin and Other Cryptos”, We discuss topics such as “Bitcoin’s energy use”. & Carbon Emissions”, “Bitcoin and Environmental Benefits”, and “Bitcoin and Global Energy”. Each topic shows how many environmental misconceptions about the Bitcoin network can be viewed in different ways.
“Bitcoin operates on stranded excess energy generated at the edge of the grid, where there is no other demand and when no one needs electricity,” says Thaler’s blog post. “retail [and] Commercial consumers of electricity in major population areas pay 5-10 times more per kWh (10-20 cents per kWh) than Bitcoin miners, who should be considered wholesale consumers of energy (usually We budget 2-3 cents per kWh). Editorials from Microstrategy executives are added.
Thaler stresses that he believes the world is producing far more energy than the planet actually needs. “About a third of this energy is wasted,” Thaler claims. “The last 15 basis points of energy will feed the entire Bitcoin network. This is the least valuable and cheapest energy left over after he has 99.85% of the world’s energy allocated for other uses. It’s a margin of energy.”
On the topic “Bitcoin vs. Other Industries,” Thaler cites a presentation from the Bitcoin Mining Council. Microstrategy executives also spoke about the Bitcoin network and the environmental benefits the technology brings. Thaler noted that he is Genius CEO and ESG analyst. Daniel Battenwho published many papers on the subject.
Bitcoin.com News reported on Batten’s research in May. In a particular study Batten worked on, he said mining Bitcoin could help him reduce global warming by 0.15% by 2045. Better than Bitcoin.
“There is growing recognition that Bitcoin is highly beneficial to the environment as it can be deployed to monetize stranded natural gas and methane energy sources. Reductions in methane emissions are particularly compelling. , [Daniel Batten] He has written several impressive papers on this subject. It has also become clear that energy grids that rely primarily on sustainable power sources such as wind, hydro and solar can be unreliable due to lack of water, solar or wind. rice field. ” Thaler added:
“In this case, we are looking to develop grid resilience and fund the construction of the additional capacity needed to responsibly power key industrial/population centers. It has to be paired with large power consumers: the recent example of Bitcoin’s energy reductions in the ERCOT grid in Texas is an example of the benefits of Bitcoin mining for sustainable power providers.”
Microstrategy’s president cites two links related to the Bitcoin Mining Council’s research. Thaler also shares the macro-environmental research website casebitcoin.com. The Microstrategy executives’ blog post concludes by thanking those who have taken an interest in Saylor’s research blog post. According to the current Bitcoin financial list, Microstrategy currently holds 129,698 BTC on its balance sheet.
What do you think of Microstrategy’s Executive Chairman’s blog post on the Bitcoin network and environment? Let us know your thoughts on the matter in the comments section below.
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Michael Thaler Issues Open Letter Discussing “Massive Misinformation” Related To Bitcoin – Bitcoin News
Source link Michael Thaler Issues Open Letter Discussing “Massive Misinformation” Related To Bitcoin – Bitcoin News
