Article Details The Struggle of Bitcoin Amidst Reductive Regulation
And how energy concerns can be addressed through cooperation, not competition
MIAMI, June 15, 2021 /PRNewswire-PRWeb/ -- Blockchain experts Rob Chang and Brittany Kaiser of Gryphon Digital Mining have published a new op-ed in response to Elon Musk's recent actions regarding the blockchain and energy. This piece, 'Elon Musk: Crypto Leaders Need to Ensure the Bitcoin Boom Is Sustainable', provides key background information and research regarding the facts of bitcoin's energy usage, and how legislators often get key facts wrong. Gryphon Digital Mining, their joint venture, is motivated to promote collaboration between industry officials and government regulators to create productive dialogues and reach mutually-agreeable decisions.
Chang and Kaiser assert that it is often unknown how much energy is utilized in printing and shipping traditional currencies, so it is impossible to make comparisons between virtual and physical currencies for their energy demands. Instead many lean on narratives that bitcoins are utilized by criminals, are too volatile compared to "trusted" legacy assets, and that bitcoin is a driving factor behind climate change. However, they mutually agree that the currency should look to migrate away from dirty energy, and that were it backed by renewables, it could become a much more sustainable venture. "Bitcoin, cryptocurrencies and other digital assets are in the midst of another global boom, so it is in everyone's interest both inside and outside of the industry to make it more friendly to the environment," they wrote.
They cite that while Bitcoin would rate as a top 30 'country' for energy consumption, the currency has a $1 trillion market cap, putting it between the value of GDP for the Netherlands and Mexico, ranking 17th overall. This means that yes, while bitcoin utilizes a large amount of energy, it proportionally brings more global commerce than some countries do. Still, they comment that these are not excuses, and the cryptocurrency space needs to innovate and incorporate clean energy wherever it can, so it can be a productive member of the global economy.
Crucially, Kaiser and Chang note that the government should recognize the demand for digital assets and instead opt to work with people rather than against them. They note that by being open-minded, legislators could help be like the State of Wyoming who has brought in tens of billions of dollars worth of digital assets to their state's economy since 2017. This requires looking past the front-facing problems and instead seeing the potential for how cryptocurrencies could grow, and the role they could play in the public sector.
With their venture of Gryphon Digital Mining, they are recruiting partners to create the world's largest and fully integrated pure-play bitcoin miner with a zero-carbon footprint. By utilizing 100% renewable energy they hope to create a carbon footprint that is at worst neutral, but frequently seen in the negatives.
About Gryphon Digital Mining:
Gryphon Digital Mining is a Bitcoin mining operation with zero carbon footprint. Gryphon's long-term strategy is to be the first vertically integrated crypto miner with a wholly-owned, 100% renewable energy supply. Gryphon provides reliable, low-cost hydro-electric powered mining with plans to expand to other renewables such as nuclear, wind, and solar power to lower mining's impact on the environment. Gryphon Digital Mining has entered into a merger agreement with Sphere 3D (Nasdaq: ANY) through which Gryphon shareholders are expected to become the controlling shareholders of Sphere 3D, which is expected to maintain its Nasdaq listing.
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SOURCE Gryphon Digital Mining
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