The crypto-verse has come to recognize organizations that acceptance and regulation go hand in hand. Neither the internet nor fiat are older than bitcoin. However, the crypto-verse draws a wide range of people and organizations into the market. Others have had a sporadic attitude toward the industry, while some have remained involved throughout. However, it appeared that MicroStrategy had no choice because its executive chairman Michael Saylor was all-in on the world’s largest cryptocurrency.
Saylor’s regular purchases and recommendations demonstrated his propensity for the asset. Saylor now claims that he doesn’t think the Bitcoin network has a bad influence on the environment, further solidifying his position in the crypto community.
In a letter published on Wednesday, the Bitcoin maximalist, MicroStrategy executive chairman, and alleged tax evader said that mining is “the most efficient, cleanest industrial use of electricity.” According to him, the output cost of the Bitcoin mechanism is 100 times higher than the input cost.
Bitcoin’s annual energy consumption
According to estimates, Bitcoin uses about as much energy per year as a small nation. However, backers of the first cryptocurrency and its power-hungry proof-of-work consensus algorithm claim that a large portion of the energy used are generated by renewable resources like wind and solar.
Miners compete with one another under the PoW paradigm to add new blocks to the chain. However, other well-known blockchains are avoiding PoW. The proof-of-stake consensus technique that Ethereum will implement in its upcoming Merge upgrade is meant to considerably lessen those environmental issues.
In Saylor’s opinion, it’s not that easy. The “specialized energy” that currently powers these devices will switch to “generic computers,” he claimed, dispersing efficiencies that won’t reduce carbon emissions. As a founding member of the BTC Mining Council, Saylor previously vowed to protect Bitcoin against energy skeptics.
Saylor stated that because proof-of-work (PoW) cryptocurrencies are “usually unregistered securities,” regulators, lawmakers, and the general public are often “distracted” by the bad perceptions surrounding PoW mining. At the time of writing, Bitcoin (BTC) was priced at $20,010.78 with a slight hindering drop of 0.14% over the last 24 hours.