Here’s What MicroStrategy CEO Michael Saylor Has To Say About Bitcoin Mining

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The post Here’s What MicroStrategy CEO Michael Saylor Has To Say About Bitcoin Mining appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Every Crypto investor who has lost their money during this recent market collapse is now eyeing the profitable ways to regain their loss. Thus, MicroStrategy CEO Michael Saylor has advised to take up digital energy to make money. Stated that bitcoin mining is currently the most profitable way of using energy, said at the DC Blockchain Summit on Tuesday.

At the same event earlier, Shark Tank investor Kevin O’Leary, also an advocate of the blockchain sector stated that environmental concerns are creating confusion over the mining space. Whereas bitcoin (BTC-USD) consumes more electricity in a year than Sweden, Norway, or the United Arab Emirates.

Saylor emphasized adding to the above that the energy usage for bitcoin mining is inconsequential, and is becoming even more efficient rapidly. MicroStrategy CEO Michael Saylor further stated that the amount of energy bitcoin is using in comparison with the total world energy usage is negligible.

The Bitcoin bull Saylor further said that mining is just not efficient in its current state, but it also keeps getting even more efficient over time, he stressed.

“It’s already the most cost-efficient major industrial user of energy in the world, it’s extraordinary in its efficiency,” Saylor said, “the important point is it’s getting more efficient.” adding to this Saylor Quoted: “I think we should embrace digital energy, it’s possible some states won’t embrace it as enthusiastically as others and that will be to their detriment.”

As proof, we can consider the state of New York as a prime example as the state struggles with the risks and benefits of Proof-of-Work vs. Proof-of-Stake consensus mechanisms.

In addition to this, the regulatory inspection of the decentralized space has bloomed especially after the collapse of stablecoin TerraUST (USD-UST) and its sister token Luna (LUNA-USD). Saylor quotes this as:

” I think bitcoin mining is going to spread all around the country [U.S]. Note the U.S is the world’s largest bitcoin miner, and they will continue to lead if we don’t get hostile regulation.”

Further, the network hash rate is floating all-time high as more miners are verifying transactions on the blockchain due to which the network security ultimately increases.