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Technology analyst and Factor LLC chairman Peter Brandt criticized MicroStrategy CEO Michael Saylor, who described bitcoin as an energy-backed digital commodity. It is energy-secured only in the sense
Technology analyst and Factor LLC chairman Peter Brandt criticized MicroStrategy CEO Michael Saylor, who described bitcoin as an energy-backed digital commodity.
It is energy-secured only in the sense that it is useless without excessive use of energy – and then without providing economic function. Somehow a great legend $BTC It is nothing but energy consumption. https://t.co/9CnvoC0dQT
β Peter Brandt (@PeterLBrandt) 21 July 2022
βIt is provided by energy only in the sense that it is useless without exorbitant consumption β and then without providing an economic function. “It’s a huge myth that Bitcoin is somehow more than just an energy consumer,” Brandt wrote.
In response, Sailor stressed that “all products consume energy.” According to him, the economic function of bitcoin is to create a free global settlement network.
Your comments are always interesting and thought provoking. Thank you.
β Peter Brandt (@PeterLBrandt) 21 July 2022
βBecause Bitcoin is a commodity, it can serve as a global digital currency. Its economic function is to give property rights to 8 billion people and create a global network of settlements with $17 trillion worth of transfers already in 2022,β he wrote.
Brandt ironically stated that Saylor’s comments were always “substantial and persuasive.” He’s in the rope declarationDespite the criticism, it is one of the biggest assets in the bitcoin portfolio.
According to the Bitcoin Mining Council (BMC), over the past year, the energy consumption of the Bitcoin network has increased by 63%, while computing power has increased by 137%.
Experts emphasized that the share of green energy in miners’ consumption also increased by 6%, reaching 59.5% (this rate was 66.8% for BMC participants).
This is the organization’s second report – the first published in 2021. The community reacted negatively to the work – industry participants questioned the objectivity of BMC.
remember this ECB He criticized cryptocurrencies based on the Proof-of-Work algorithm and pointed out that the assets in Proof-of-Stake are environmentally friendly.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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