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

In a video recently published on the 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.”

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.

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.”

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.

Recent Posts

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

8 hours ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

2 days ago

SEC’s Crypto Mom is calling for the U.S. to catch up and considers a ban on Bitcoin foolish

According to Hester Peirce, an American lawyer and Commissioner at the US Securities and Exchange Commission (SEC), a government ban…

2 days ago

Bloomberg expects Bitcoin price to land on $400,000 in this halving cycle

In the latest edition of its monthly “Crypto Outlook,” Bloomberg, senior strategist Mike McGlone reports on the bullish narrative around bitcoin…

2 days ago

Coinbase high valuation is not a “done deal”, as analysts issue some caution ahead of its direct listing

Looking ahead to next week’s Coinbase direct listing, analysts conclude that by no means it is a “done deal” game…

2 days ago

Bitcoin’s adoption is at a “tipping point”, according to Fidelity Investments Executive Tom Jessop

During an interview at Marketwatch and Barron’s “Investing in Crypto” event, Tom Jessop, Head of Fidelity Digital Assets at Fidelity…

4 days ago