The CEOs associated with FTX and MicroStrategy left a comment on Senator Warren’s claim that cryptocurrency mining was eliminating the planet.
Twitter saw a small spat lately between Senator Elizabeth Warren and a pair of cryptocurrency CEOs. Both Sam Bankman-Fried and Michael Saylor responded to a tweet from Senator Warren pleading for a crackdown upon mining. The disagreement focused around comments that Senator Warren made regarding the environmental impact that Bitcoin mining was contributing to the demise of the planet.
Warren messaged a link to an article from the New York Times on cryptocurrency mining, accompanied by a tweet reading through: “Bitcoin mining consumes roughly the same amount of electricity because Washington state—putting pressure on our power grids and deteriorating the #ClimateCrisis. We need to protect our planet and crackdown upon environmentally wasteful crypto exploration practices.
In response to this claim by Senator Warren, Bankman-Fried tweeted that it made sense to tackle the issue. “Definitely make sense to tackle it! ” Bankman-Fried tweets, “offsetting can do some; making use of other chains/lightning/L2s/etc. can help decrease load/cost too. ” FTX’s CEO added that the power used in bitcoin mining is, as he says, “in line with its economic impact. ” He says it is his perception that it can be improved similar to system but should not be viewed as an outlier.
CEO of MicroStrategy, Michael Saylor, tweeted a response of his own to Warren. “#Bitcoin exploration converts wasted & stuck energy into digital power, the natural successor to chemical & electrical energy. It could be managed by any computer, transferred anywhere at the acceleration of light, and continues forever, thereby improving our own climate, economy & strength grid.
Bitcoin mining is a hot-button topic
The particular debate as to just how much impact cryptocurrency mining has on the environment has been heated in recent months. The debate has been raging in between environmentalists and government authorities like Warren butting heads with cryptocurrency advocates like Saylor and others.
One of the most prominent figures in this debate is Elon Musk. Tesla’s CEO made waves previously in 2021 by announcing that Tesla cars would available for purchase via cryptocurrency. This caused not only a spike in the price of crypto, but also delivered a lot of attention to Musk through critics. The environmentalists were able to convince Musk to reexamine his decision, and the CEO backtracked not long after. Later on, Musk announced that he would not accept crypto payments upon Tesla models again till at least 50% of mining operations using green power. So far, this has not occurred and customers are still not able to buy Tesla’ s with crypto.
Another critic of mines that rely on traditional energy sources is usually Kevin O’Leary. The Shark Tank co-host had earlier said that he would cease buying any bitcoin mined within China due to the non-green power used to extract coins in the blockchain.
The submit Sam Bankman-Fried & Erina Saylor Defend Bitcoin Mining on Twitter appeared initial on BeInCrypto.