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Bitcoin Mining Is Not “Boiling The Oceans,” Says Michael Saylor

Bitcoin Mining Michael Saylor

Freelance Journalist

Andrew Throuvalas

Freelance Journalist

Andrew Throuvalas

About Author

Andrew is a journalist and content writer with a passion for Bitcoin. His work has been featured with Cryptonews, Decrypt, CryptoPotato, and Bitcoin Magazine, among others.

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Last updated:

August 7, 2024

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MicroStrategy co-founder and chairman Michael Saylor dashed criticisms on Wednesday that his favorite cryptocurrency, Bitcoin, is harmful to the environment compared to competitors.

Don’t Worry About Bitcoin Mining: Michael Saylor

During a Wednesday interview with Bloomberg, the self-described “Bitcoin maximalist” said concerns about Bitcoin contributing to “rising global temperatures” are a “silly observation” that people have falsely repeated for years.

“Bitcoin’s not boiling the ocean,” said Saylor. “It’s like ten, fifteen basis points of the world’s energy usage, so it’s de minimis compared to everything else.”

#Bitcoin is a capital investment you can hold for decades that a corporation, competitor, counterparty, or country can’t take away from you. It will create generational wealth for your family, corporation, or country. pic.twitter.com/amQNn4JQwR

— Michael Saylor⚡️ (@saylor) August 7, 2024

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) Bitcoin’s current electricity demand is on pace for 157.82 terawatt hours (TWh) annualized.

For context, the entire planet’s electricity consumption in 2023 was estimated to be 29,925 TWh, which would mean Bitcoin comprises roughly 0.52% of world electricity consumption.

What’s more, several surveys and studies have indicated that Bitcoin is now powered mostly by sustainable energy worldwide, such as hydroelectric mining, rather than oil or gas-powered mining as critics often claim.

“Thirty percent of the energy in the world is wasted from some other source,” Saylor added. “It’s just guerilla marketing, and I think largely irrelevant, and debunked at this point in time.”

Two years ago, Ripple co-founder Chris Larsen publicly revealed that he’d put $5 million towards an anti-Bitcoin mining campaign involving GreenpeaceUSA and the Environmental Working Group.

Since then, both organizations have published numerous studies and marketing materials pushing for Bitcoin to “change the code” and remove mining from its operations. Bitcoiners online have largely rejected such efforts.

Saylor Owns $1 Billion In BTC

During the interview, Saylor revealed that he still owns at least 17,732 BTC to his personal name – worth nearly $1 billion at currency prices. Meanwhile, his company owns over 226,000 BTC, currently worth $12.59 billion.

Though the company’s BTC holdings now surpass that of the U.S. government, the chairman said he is supportive of the United States forming a strategic Bitcoin reserve – something pitched by President Donald Trump in July.

“That makes BTC the apex property of the United States,” he said. “The only thing the nation won’t sell are its national parks, its nuclear weapons, and its Bitcoin.”