MicroStrategy Co-Founder Addresses Misconceptions About Bitcoin Mining and Its Environmental Impact
In a recent interview with Bloomberg, MicroStrategy co-founder and chairman Michael Saylor dismissed the longstanding criticism that Bitcoin mining is detrimental to the environment. As a staunch advocate of the cryptocurrency, Saylor described concerns about Bitcoin contributing to global warming as “a silly observation” that has been mistakenly perpetuated over the years.
“Bitcoin’s not boiling the ocean,” Saylor asserted. “It’s like ten, fifteen basis points of the world’s energy usage, so it’s de minimis compared to everything else.”
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Bitcoin’s current annual electricity demand is estimated at 157.82 terawatt hours (TWh). In comparison, the total global electricity consumption in 2023 was approximately 29,925 TWh, meaning Bitcoin’s share is roughly 0.52%.
Moreover, numerous surveys and studies indicate that Bitcoin mining is increasingly powered by sustainable energy sources, such as hydroelectric power, rather than fossil fuels like oil or gas, which critics often cite.
“Thirty percent of the energy in the world is wasted from some other source,” Saylor noted. “It’s just guerilla marketing, and I think largely irrelevant, and debunked at this point in time.”
Two years ago, Ripple co-founder Chris Larsen announced a $5 million donation towards an anti-Bitcoin mining campaign involving GreenpeaceUSA and the Environmental Working Group. These organizations have since released several studies and marketing materials advocating for Bitcoin to “change the code” and eliminate mining. However, such efforts have been largely rejected by Bitcoin enthusiasts online.
Personal and Corporate Bitcoin Holdings
During the interview, Saylor disclosed that he personally owns at least 17,732 BTC, valued at nearly $1 billion at current prices. His company, MicroStrategy, owns over 226,000 BTC, worth approximately $12.59 billion, surpassing the Bitcoin holdings of the U.S. government.
Saylor also expressed support for the idea of the United States establishing a strategic Bitcoin reserve, a proposal put forth by former President Donald Trump in July.
“That makes BTC the apex property of the United States,” he remarked. “The only things the nation won’t sell are its national parks, its nuclear weapons, and its Bitcoin.”
In summary, Michael Saylor continues to defend Bitcoin against environmental criticisms, emphasizing the minimal impact of its energy consumption and the increasing use of sustainable energy sources in mining. His personal and corporate investments in Bitcoin further underscore his confidence in the cryptocurrency’s value and potential.
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