Total energy usage for Bitcoin (BTC) mining is “inconsequential” and “rapidly becoming more efficient”, says Michael Saylor, CEO of MicroStrategy, as the industry prepares for a hearing before the U.S. House of Representatives this week.
Mr Saylor was speaking at a quarterly briefing of the Bitcoin Mining Council (BMC), Wednesday.
According to the CEO, the amount of energy used by Bitcoin represents no more than “a rounding error”, and is “negligible” compared to the total energy use in the world.
“Compared to global energy use, [le Bitcoin] uses about 14 basis points,” Saylor said, noting that this figure has been rising over the past quarter as Bitcoin’s hashrate, or computing power, has “increased dramatically.”
Separately, the “Bitcoin bull” said mining is not only very efficient in its current state, but pointed out that it continues to become more efficient over time.
“It’s already the most profitable major industrial user of energy in the world, it’s extraordinary in its efficiency,” Saylor said.
Nic Carter, co-founder of Corner Metrics and general partner of Castle Island Ventures, also participated in the briefing. In his remarks, Carter focused on the recently released misleading memo prepared for an upcoming U.S. House of Representatives hearing on the impact of the cryptocurrency mining industry, claiming it contains false data related to e-waste from mining.
“The memo claims Bitcoin mining generated 30,000 metric tons of electronic waste in 2021,” Carter said, adding that this indication is based on a document assuming a 1.29-year payback cycle for ASIC machines. Bitcoin.
“[Les machines S9 de Bitmain] represent 25% of the network’s hashrate, and this was an ASIC released in 2016,” Carter said, explaining that most companies use amortization assumptions that are “significantly longer” than 1.29 years. .
“We’ve seen in practice that the lifespan of ASICs is generally longer than expected,” Carter said, adding that the deprecation cycle these days is probably closer to 5 years.
Furthermore, according to data compiled by the Bitcoin Mining Council last month, BTC mining globally consumes 3.2% of the electrical system energy wasted or lost in the United States in the space of a year. . They also claim that Bitcoin mining energy consumption is 0.142% of the world’s total energy.
According to this data, almost 59% of miners worldwide now use sustainable energy – compared to nations like Brazil, which uses just over 2% renewable electricity. The United States uses less than 32%, while the European Union uses almost 44%.
The council added that Bitcoin mining technology has advanced by leaps and bounds, meaning miners working today are 5,814% more efficient than those working just eight years ago.
Intel at the heart of Bitcoin mining
During the online chat, Michael Saylor also referred to the recent news that the major US chipmaker Intel could launch a new type of machine whose energy efficiency would be considerably improved.
According to the CEO, Intel’s entry into this space has the potential to accelerate the energy efficiency of mining, calling it “revealing the vitality of the network.”
The new chip, which has been described as an “ultra-low-voltage, high-power-efficiency Bitcoin mining ASIC,” is set to be unveiled at a company presentation on February 23, it said yesterday. Cryptonews.com.
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