GM βοΈ
Can someone give me a tl;dr on the Eric Wall vs Michael Saylor discussion about btc mining?
GM βοΈ
Can someone give me a tl;dr on the Eric Wall vs Michael Saylor discussion about btc mining?
Didn't see that one, curious myself.
Undoubtedly, Eric was as disingenuous as always.
Not seen it - is there a link?
From 2021 or more recent?
I plugged your questions into chatGPT
βIn February 2021, Eric Wall, a cryptocurrency analyst and former blockchain lead at Cinnober, engaged in a Twitter discussion with Michael Saylor, the CEO of MicroStrategy, about Bitcoin mining.
Eric Wall argued that Bitcoin mining was not a profitable venture for most miners due to the high costs associated with energy consumption, especially if miners were using fossil fuels. He also stated that the mining industry was becoming increasingly centralized, with only a few large players controlling a majority of the network's hash power.
In contrast, Michael Saylor argued that Bitcoin mining was a profitable and sustainable business model that could help transition the world to renewable energy sources. He claimed that Bitcoin mining was a natural complement to renewable energy sources because it provided a reliable demand source for excess energy that might otherwise go to waste. He also stated that the mining industry was becoming more decentralized, with a growing number of individuals and companies participating in the network.
The discussion sparked a wider debate about the environmental impact of Bitcoin mining and the long-term sustainability of the cryptocurrency industry. While both Wall and Saylor agreed on the potential of Bitcoin as a store of value and a hedge against inflation, they had different views on the practicalities of Bitcoin mining and its impact on the environment.
I plugged your questions into chatGPT
βIn February 2021, Eric Wall, a cryptocurrency analyst and former blockchain lead at Cinnober, engaged in a Twitter discussion with Michael Saylor, the CEO of MicroStrategy, about Bitcoin mining.
Eric Wall argued that Bitcoin mining was not a profitable venture for most miners due to the high costs associated with energy consumption, especially if miners were using fossil fuels. He also stated that the mining industry was becoming increasingly centralized, with only a few large players controlling a majority of the network's hash power.
In contrast, Michael Saylor argued that Bitcoin mining was a profitable and sustainable business model that could help transition the world to renewable energy sources. He claimed that Bitcoin mining was a natural complement to renewable energy sources because it provided a reliable demand source for excess energy that might otherwise go to waste. He also stated that the mining industry was becoming more decentralized, with a growing number of individuals and companies participating in the network.
The discussion sparked a wider debate about the environmental impact of Bitcoin mining and the long-term sustainability of the cryptocurrency industry. While both Wall and Saylor agreed on the potential of Bitcoin as a store of value and a hedge against inflation, they had different views on the practicalities of Bitcoin mining and its impact on the environment.
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Saylor said mining is getting more efficient allowing lower cost to secure the network.
Eric said more hash power would be allocated unitl electricity use was the same.
They disagree if bitcoin mining has gotten more efficient. Saylor says it has and Wall says it has but that the efficiency is lost because people just bring on more miners and it balances out. Sorta like how Apple silicon is way more efficient than intel, but we use the efficiency to bring more power.
Wall is arguing overall energy usage of the entire networks where saylor is looking it from a energy to generate a given hash rate. Saylor is right, but theyβre honestly discussing different things.
It's very common for people to argue when they have common ground.
One party wants you to acknowledge their side before they will acknowledge yours.
Is your account on twitter suspended?