Bitcoin Mining Is Not “Boiling The Oceans,” Says Michael Saylor
MicroStrategy co-founder and chairman Michael Saylor dashed criticisms on Wednesday that his favorite cryptocurrency, Bitcoin, is harmful to the environment compared to competitors.
During a Wednesday interview with Bloomberg, the self-described “Bitcoin maximalist” said concerns about Bitcoin contributing to “rising global temperatures” are a “silly observation” that people have falsely repeated for years.
“Bitcoin’s not boiling the ocean,” said Saylor. “It’s like ten, fifteen basis points of the world’s energy usage, so it’s de minimis compared to everything else.”
#Bitcoin is a capital investment you can hold for decades that a corporation, competitor, counterparty, or country can’t take away from you. It will create generational wealth for your family, corporation, or country. pic.twitter.com/amQNn4JQwR
— Michael Saylor⚡️ (@saylor) August 7, 2024
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) Bitcoin’s current electricity demand is on pace for 157.82 terawatt hours (TWh) annualized.
For context, the entire planet’s electricity consumption in 2023 was estimated to be 29,925 TWh, which would mean Bitcoin comprises roughly 0.52% of world electricity consumption.
What’s more, several surveys and studies have indicated that Bitcoin is now powered mostly by sustainable energy worldwide, such as hydroelectric mining, rather than oil or gas-powered mining as critics often claim.
“Thirty percent of the energy in the world is wasted from some other source,” Saylor added. “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 publicly revealed that he’d put $5 million towards an anti-Bitcoin mining campaign involving
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