Michael Saylor publishes an open letter about the “volume of misinformation” related to bitcoin

Michael Saylor is an avid bitcoin fan, with his company having 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 have an impact on climate change.

The Department of Science and Technology believes that the Biden administration should take action against the industry and create standards and regulations for mining. Following the report, Saylor issued a letter to journalists, investors and regulators regarding the “sheer volume of misinformation [et] propaganda that has been circulating lately“.

Microstrategy’s executive chairman publishes paper on bitcoin and the environment

Michael Saylor, executive chairman of Microstrategy, has published an article on bitcoin and the environment. “Given the sheer volume of misinformation [and] propaganda circulating lately, I thought it was important to share the truth about bitcoin mining and the environment“, Saylor wrote on Twitter with a link to his open letter

The editorial is entitled “Bitcoin mining and the environment” and discusses topics such as “Bitcoin’s use of energy“, “Bitcoin vs. other industries“, “Bitcoin’s value creation and energy intensity“, “Bitcoin vs. other cryptocurrencies“, “Bitcoin and carbon emissions“, “Bitcoin and the environmental benefits” and “Bitcoin and global energy“. Each topic shows how a number of environmental misconceptions about the Bitcoin network can be examined in a different way.

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Bitcoin runs on stranded, excess energy, generated at the edge of the grid, in places where there is no other demand, at times when no one else needs electricity“, says Saylor. “Retail [et] Commercial electricity consumers in large population areas pay 5-10 times more per kWh (10-20 cents per kWh) than bitcoin miners, who should be considered wholesale energy consumers (who normally budget 2-3 cents per kWh)“, the Microstrategy executive’s editorial adds.

Saylor points out that he thinks the world is producing far more energy than the planet actually needs. “About a third of that energy is wasted“, insists Saylor. “The last 15 basis points of energy power the entire Bitcoin network – it’s the least valued and cheapest margin of energy left after 99.85% of the world’s energy has been allocated to other uses.

In the paragraph about “Bitcoin vs. other industries“, Saylor cited a study by the Bitcoin Mining Council. The Microstrategy executive also spoke about the Bitcoin network and the environmental benefits the technology has to offer. Saylor mentioned the Geneious CEO and ESG analyst, Daniel Batten who has published a number of articles on the subject.

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There is a growing realization that bitcoin is quite beneficial to the environment because it can be deployed to monetize stranded natural gas or methane gas energy sources. The reduction of methane gas emissions is particularly compelling and [Daniel Batten] has written some impressive papers on this topic. It has also become clear that energy grids that rely primarily on sustainable energy sources such as wind, hydro, and solar can sometimes be unreliable due to lack of water, sun, or wind.” added Michael Saylor:

In this case, they need to partner with a large electricity consumer like a bitcoin miner to build grid resiliency & fund the additional capacity needed to responsibly power large industrial/population centers. The recent example of a significant reduction in bitcoin energy on the ERCOT grid in Texas illustrates the benefits of bitcoin mining for sustainable energy providers.

Microstrategy’s executive chairman cites two links related to Bitcoin Mining Council research. Saylor also shares the macro environment research website casebitcoin.com. The Microstrategy executive’s open letter ends by thanking people for their interest in the article. Microstrategy currently holds 129,698 BTC on its balance sheet, according to current data bitcoin treasure lists.

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