Michael Saylor Publishes Open Letter Discussing the ‘Sheer Volume of Misinformation’ Tied to Bitcoin

Michael Saylor, a Microstrategy executive, is a strong believer in Bitcoin. His company has bought close to 130,000 Bitcoin over the past few years. Six days ago, U.S. Office of Science and Technology Policy published an analysis that claimed proof-of work mining operations had been contributing to climate change. According to the science and tech department, the Biden administration must take steps against the mining industry and establish standards and regulations for the sector. Saylor issued a letter to investors, journalists and regulators following the publication of the report ."

The Executive Chairman of Microstrategy Publishes A Blog Post About Bitcoin and the Environment

Microstrategy's Michael Saylor posted a tweet which links to a blog post he wrote about Bitcoin and the environment. Saylor posted a link to his blog, "Given the sheer amount of misinformation [and] propagandism circulating lately it was important to share the truth regarding Bitcoin Mining and the Environment."

This editorial is called "Bitcoin Mining and the Environment". It discusses topics like "Bitcoin Energy Utilization", "Bitcoin vs. other Industries", "Bitcoin Value Creation & Energy Intensity", "Bitcoin vs. other Cryptos," and "Bitcoin & carbon Emissions," as well as "Bitcoin & Global Energy" and "Bitcoin & Environment Benefits."

Saylor's blog post states that bitcoin runs on excess, stranded energy. This is generated in areas where there is little demand and at times when there is no need for the electricity. The editorial by Microstrategy's executive states that commercial and retail consumers of electricity in major areas pay 5-10x higher per kWh (between 10-20 cents per unit) than miners. These wholesale consumers should be considered as consumers of energy (normally budgeting between 2-3 cents per unit).

Saylor insists that the world produces far more energy than it actually uses. Saylor claims that approximately a third of the energy used is wasted. "The Bitcoin Network is powered by the last 15 basis points energy – this is the cheapest and least valuable energy margin after 99.85% of the energy is used for other purposes."

Saylor refers to a presentation by the Bitcoin Mining Council in his topic "Bitcoin and Other Industries". Microstrategy's CEO also spoke about the Bitcoin network as well as the benefits it has for the environment. Saylor also mentioned Daniel Batten (CEO of Geneious, ESG analyst), who has published several papers on the subject.

Bitcoin.com News reported Batten's May work after a specific study Batten did that showed bitcoin mining could reduce 0.15% global warming by 2045. In the paper, he also claimed that Bitcoin could be used to eliminate all emissions.

There is a growing awareness that Bitcoin can be used to monetize stranded gas and methane gas energy resources. The curtailing of methane gas emissions is a compelling issue. Daniel Batten has written some excellent papers on the subject. It is also clear that energy grids that rely on renewable power sources such as wind, solar, and hydro can sometimes be unreliable due to lacks of water, sunlight, and wind." Saylor concluded:

"In this case, they need to be paired with a large electricity consumer like a bitcoin miner in order to develop grid resilience & finance the buildout of additional capacity necessary to responsibly power major industrial/population centers. One example of bitcoin mining's benefits to power providers is the recent curtailment of Bitcoin energy on the Texas ERCOT grid.

Two links are cited by the Microstrategy executive chair to support the research of Bitcoin Mining Council. Saylor also shared the casebitcoin.com macro-environment research website. In closing, the Microstrategy executive thanks everyone for reading Saylor's blog post. According to the current bitcoin treasuries list, Microstrategy currently has 129,698 BTC in its balance sheet.

What did you think of the blog post by Microstrategy's executive chairman about Bitcoin and the environment? Please comment below to let us know your thoughts on this topic.

By: Jamie Redman
Title: Michael Saylor Publishes Open Letter Discussing the ‘Sheer Volume of Misinformation’ Tied to Bitcoin
Sourced From: news.bitcoin.com/michael-saylor-publishes-open-letter-discussing-the-sheer-volume-of-misinformation-tied-to-bitcoin/
Published Date: Thu, 15 Sep 2022 22:30:22 +0000

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