MIAMI, May 20, 2021 /PRNewswire-PRWeb/ -- In a new Op-Ed titled 'Elon Musk: Crypto Leaders Need to Ensure the Bitcoin Boom Is Sustainable', Gryphon Digital Mining CEO Rob Chang and Chairperson Brittany Kaiser address recent actions taken by Musk in response to bitcoin's energy usage. As Musk issues a halt to Tesla using the cryptocurrency, Kaiser and Chang argue that there are solutions to the blockchain's energy consumption, and the value it provides shouldn't be overlooked in favor of the cost.
While bitcoins, cryptocurrencies, and other digital assets like NFTs drive a global boom, politicians and legislators seek to restrain the growing space over energy concerns. The U.S Treasury Secretary and former Federal Reserve Chairwoman Janet Yellen made disparaging comments about the currency, yet the Federal Reserve is both seeking to introduce its own digital dollar and do not publish figures regarding the energy costs of manufacturing U.S. dollars. In contrast, Chang and Kaiser point to how the State of Wyoming began engaging with cryptocurrencies in 2017 and since have brought tens of billions of dollars worth of digital asset businesses into their economies.
"Yes, Bitcoin and other cryptocurrencies that rely on mining computer hardware can use large amounts of energy, just as the 5 billion views of viral music video "Despacito" burned as much energy as 40,000 U.S. homes in a year," they wrote, noting the disproportionate focus on the energy usage of useful digital assets, verses the consumption of other systems that provide the public with less value.
Kaiser and Chang also note that many complaints about bitcoins and cryptocurrencies are overstated, including claims that they are mostly used by criminals and are too volatile compared to other 'trusted' legacy assets. Instead, they cite reporting from Forbes and CoinDesk that discredits these claims, offering evidence to show how these claims are over-exaggerated. While some will allow themselves to be led along by misleading narratives and the words of influencers, these authors instead assert that people should look past these naysayers and instead think more critically.
In their Op-Ed, Gryphon Digital Mining explains that while Bitcoin is reported to be a top 30 'country' for energy consumption, it also carries with it a $1 trillion market cap, which ranks 17th when compared to world GDPs. As the Deutsche Bank recently claims it can "no longer ignore Bitcoin," the Gryphon executives argue that the value presented by these new digital avenues is worth investing in. Still, they make no arguments about the use of dirty energy, and instead have built their organization with the goal of enterprising carbon-free crypto. In their eyes there is a solution here that both allows the digital currency to flourish while removing its contributions from the climate crises. However, they say it requires collaboration as opposed to competition, so that industry leaders and executives can work together to discover innovative new solutions.
Gryphon Digital Mining is an innovative new venture in the cryptocurrency space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming from brands like Netflix, Disney, Facebook, Google, Nasdaq, and Cantor Fitzgerald, they are working to pull in experts from across the globe to improve virtual currencies. More information is available on https://gryphondigitalmining.com/.
Emma Lombardi, GR0, (407) 920-4857, [email protected]
SOURCE Gryphon Digital Mining