Categories: Crypto News
| Published On Mar 20, 2021 8:30 am CET  |  Updated on Oct 19, 2021 7:56 am CEST | By iGaming Team

Michael Saylor and Max Kaiser defend Bitcoin’s ‘carbon footprint’

Share

In a video recently published on Youtube’s ‘Swan Signal’, two of the most notable people in the bitcoin community, Michael Saylor and Max Keiser, discussed Bitcoin’s ‘carbon footprint’ and came to its defense over recent allegations.

Saylor, Chief Executive Officer of business intelligence firm MicroStrategy with a total of over $4 billion in bitcoin on its balance sheet, stated that Bitcoin’s use of energy is at the centre of its success and is what has kept the decentralized network secure since the first coins were mined more than ten years ago.

Saylor said:

“Am I concerned about the use of energy in Bitcoin, no actually. I feel like Bitcoin is protected by a wall of encrypted energy and the fact that there’s a lot of energy involved I think is a good thing. It creates security for the network.

If we had 12 servers… and we were trusting those 12 servers to protect $200 billion I would think that’s much riskier. I’m not really interested in finding quick eloquent cheap shortcuts to protecting all the money in the world.”

5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free Spins
Casino

Saylor further points out that mining operations are moving to those areas where they can find the most favorable mining conditions to power their operations. There is a trend of utilizing green energy that may have otherwise been wasted.

“Bitcoin miners go to the end of the earth, to the end of the grid. They’re using energy that otherwise would have been wasted. It’s either wasted hydroelectric energy, or for example natural gas wells that are about to be closed in and they either have to close them in or flare them.

I think they’re recycling marginal energy in order to create a digital monetary system that’s capable of holding all the money on earth and so what’s wrong with that idea? I can’t figure that out. It seems totally rational to me.”

Max Keiser joins in support of Saylor’s defense and outlines his belief in Bitcoin being a catalyst when it comes to the world’s use of renewable energy, ultimately serving as a role model.

Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500
Casino & Sports

Keiser commented:

“People say what backs the dollar? And according to [economist] Paul Krugman in the NY Times, he says the Pentagon or men with guns. The Pentagon, just to keep the Pentagon fueled with gas for their tanks, jets, etcetera is $250 million a day…

The US foreign policy is we want you to start using the dollar and if you don’t we’re going to bomb and murder your people. That’s our foreign policy. That’s what it’s been for decades and that’s all very inefficient.”

He further added:

“Bitcoin is moving the industry towards renewables. You know the cheapest energy in the world right now is solar and wind and that’s what Bitcoin is tapping into… Renewables are really on the upsurge.

That idea that bitcoin is boiling the oceans or that it’s a waste of energy is diametrically wrong. It’s 180 degrees wrong. It’s wrong. Bitcoin is actually green. It’s a green industry if you understand the dynamics of the global energy grid and how this is moving away from fossil towards renewable. Renewable is the cheapest.”

250% Extra + $125 Free Chip!
New players only. 250% on 1st Deposit + $125 Free Chip
Casino

Just this week, Pakistani government announced to get involved in Bitcoin mining and that of other cryptocurrencies. These mining farms will be powered by two large hydroelectric power plants.

Tags: Bitcoin