Controversial Bitcoin firebrand Michael Saylor claims Bitcoin (BTC) is the “most efficient, cleanest industrial use of electricity.”
MicroStrategy’s executive chairman says in a new blog that the firm’s calculations indicate that approximately 59.5% of the energy for Bitcoin mining comes from sustainable sources.
Saylor also notes that Bitcoin mining’s energy efficiency improved by 46% year over year.
“No other industry comes close (consider airplanes, trains, automobiles, healthcare, banking, construction, precious metals, etc.). The Bitcoin network is becoming increasingly energy efficient due to the relentless improvement in the semiconductors (SHA-256 ASICs) that running the bitcoin mining centers, coupled with the halving of Bitcoin mining rewards every four years built into the protocol, results in a consistent 18-36% year-over-year improvement in energy efficiency.”
Saylor says $4-5 billion in electricity powers a Bitcoin network worth $420 billion.
“The value of the output is 100 times the cost of the energy input. 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 such as airlines, logistics, retail, hospitality and agriculture. »
The MicroStrategy leader also takes aim at proof-of-stake networks.
“Regulators and legal experts have noted on many occasions that Proof of Stake (PoS) are likely to be securities, not commodities, and we can expect them to be treated as such over time. PoS Crypto Securities may be appropriate for certain applications, but they are not fit to serve as global, open, fair money or a global open settlement network, so it makes no sense to compare proof of stake networks with Bitcoin.
Last month, Saylor stepped down as CEO of MicroStrategy, a move the executive says had nothing to do with the software company posting nearly $1 billion in BTC losses during the second quarter of the year.
In late August, Washington DC Attorney General Karl A. Racine announced that he is suing the Bitcoin maximalist because he has lived in Washington, DC for over 10 years but has never paid any taxes.
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