- The environment is not negatively impacted by the Bitcoin network: Michael Saylor.
- Congressmen are urging against “Proof-of-Work” (POW) mining.
- Miners are considered wholesale energy customers.
According to Michael Saylor, the Bitcoin network has no detrimental effects on the environment. In a letter published, the Bitcoin maximalist, MicroStrategy executive chairman, and suspected tax evader said that mining is “the most efficient, cleanest industrial use of power.”
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According to him, the output cost of the Bitcoin mechanism is 100 times higher than the input cost. According to Michael Saylor, Bitcoin is powered by stranded, surplus energy that is produced at the grid’s edge, when no one else is using it, where there is no other demand.
Bitcoin miners, who should be considered wholesale energy customers, pay 5–10 times more per kwH (10–20 cents per kwH) than retail and commercial power consumers in large population centers (normally budgeting 2-3 cents per kwH).
This letter comes in response to another letter sent by congress to the Environmental Protection Agency (EPA).
In the beginning, there was the FUD. On April 20, 2022, the Environmental Protection Agency
(EPA) received a letter from 23 members of the US Congress explaining the need for the organization to make sure that cryptocurrency mining operations do not violate the Clean Air Act or the Clean Water Act.
Members of Congress are warning against energy-inefficient “Proof-of-Work” (POW) mining technology and the currencies that utilize it, such as Bitcoin and Ethereum, on the grounds that mining operations are contaminating neighborhoods and “having an outsized impact on greenhouse gas emissions.”
Server farms, significant electronic waste, and noise pollution are all on the list of issues that have been brought forward. The organization demands that the EPA get moving right away and look into the harmful effects of crypto mining on the ecosystem.
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