Bitcoin Mining The Cleanest Industrial Use Of Electricity Source Says Micheal Saylor
The primary digital asset bitcoin make use of the consensus proof of work POW which require a lot of electrical power to make these machines which are carrying out these mining processes to function properly.
Michael Saylor whom is an executive chairman of Micro strategy in a blog report says that bitcoin makes use of the cleanest form of electricity in it’s mining operations, which he says 59% of these energy is coming from a sustainable source.
“No other industry comes close (consider planes, trains, automobiles, healthcare, banking, construction, precious metals, etc.). The Bitcoin network keeps getting more energy efficient because of the relentless improvement in the semiconductors (SHA-256 ASICs) that power the bitcoin mining centers, combined with the halving of Bitcoin mining rewards every four years that is built into the protocol. This results in a consistent 18-36% improvement year after year in energy efficiency.”
Which he continued by saying that bitcoin mining efficiency has improved this yearly by 46%, shouldn’t we forget the role in which the government are playing in clamping down these mining processes because of increase in energy consumption in these mining processes.
“The value of the output is 100x the cost of the energy input. This makes Bitcoin far less energy intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy intensive than traditional 20th-century industries like airlines, logistics, retail, hospitality, & agriculture.”
In the blog post he also spoke on the proof of stake networks saying that POS networks are likely to be securities not commodities.
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