Cryptocurrencies

Simply Bitcoin: Michael Saylor & Jack Dorsey Just Destroyed Bitcoin Climate FUD

Two contradictory trends have been at play in the last two years. The first is the rise of Bitcoin as a decentralized monetary alternative. The other has been the rise of the ESG movement. That places a considerable emphasis on the environmental friendliness of investments.

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  • With Bitcoin’s proof-of-work model, it’s come under fire for its hefty energy use. However, Bitcoin mining uses far more green energy in its mix than compared to the overall economy as a whole.

    Now, the Bitcoin mining council, led by MicroStrategy (MSTR) CEO Michael Saylor and Block (SQ) CEO Jack Dorsey, has released more data on the subject.

    Their conclusion? That Bitcoin’s proof-of-work model is not only green, but encourages more green energy use.

    The alternative method for cryptocurrencies, proof-of-stake, uses less energy to secure the network, but also makes it easier for one or a few small parties to control.

    And, fossil fuel companies are turning to Bitcoin mining as a way of utilizing energy that would otherwise go stranded or to waste. The end result is more wealth creation rather than destruction.

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  • As with many Bitcoin fears over the years, this latest concern is likely to fade out over time. Expect it to be replaced with a different one.

    To listen to the full podcast, click here.