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Cryptoknowmics 2022-04-28 18:10:52

CEO Of MicroStrategy Says Bitcoin Allows For Conservation Of Energy

Michael Saylor, CEO of Microstrategy, who was recently in the news after reports emerged that he is allegedly selling his Bitcoin, has commented on the energy conservation of the crypto. #Bitcoin enables conservation of energy in time & space because it enforces conservation of energy in cyberspace. — Michael Saylor⚡️ (@saylor) April 28, 2022 Users who responded to the post reminded the entrepreneur about the power consumption problem faced by the proof-of-work crypto. A user @kenniezion asked the CEO how feasible it is to mine Bitcoin using solar power while others kept bashing the crypto enthusiast for selling his Bitcoin. Is Bitcoin Actually Conserving Energy? Recently, the energy consumption of digital currencies, especially those whose algorithms are based on the PoW, such as Bitcoin and Ethereum, has been a major issue. There have been numerous criticisms, with some calling for a total ban of such currencies due to the large number of carbon emissions it produces. According to a report from the University of Cambridge’s BTC electricity consumption index, miners of Bitcoin are expected to use over 130TWh, which is about 0.6% of electricity consumption globally. This power consumption was why China banned crypto mining years back, and Kazakhstan is about to follow the same path. Bitcoin Consumes Less Energy Than Conventional Banking However, ARK Investment Management’s research indicated that Bitcoin consumes less than 10%...

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