On Saturday, well-known Bitcoin (BTC) motivator Michael Saylor said that the number one crypto asset is gaining strength after the Ethereum Merge. According to Saylor, proof of work is the only accurate and reliable method for creating a digital commodity. The tumbling ETH prices indicate that Saylor’s assumption is not without solid logic. ETH prices have tanked and are finding support at $1430, while BTC prices
Michael Saylor Proclaims Bitcoin (BTC) Sturdier After Ethereum Merge
With the amalgamation of Ethereum Mainnet to the Beacon Chain on September 15 by the Merge process, the platform has transitioned from proof-of-work (PoW) and proof-of-stake (PoS). The Merge is one of the most awaited software upgrades, and experts have been splitting the semantic hair and predicting success and doom in equal proportions.
MicroStrategy chairman Michael Saylor, attending a virtual conference in Australia, stated that post the Merge, Bitcoin (BTC) is getting stronger and is at pains to emphasize that PoW is the only proven method to create a digital commodity. Saylor has also stated that it marked Ethereum (ETH) as a “security.” Bitcoin (BTC) now commands 95% of the overall market value of tokens using the proof-of-work (PoW) consensus.
However, there is no shortage of critics of Proof of work or PoW, which involves high energy consumption and resultant high carbon footprints. The switch by Ethereum has been dubbed a Passover to the less energy-consuming PoS. Energy saving amounts to more than 99.5%. Recently the changeover has also attracted the attention of SEC Chair Gary Gensler said Ethereum’s transition to PoS has made it a “security” as per the “Howey Test.”
On the other hand, Saylor believes that Bitcoin (BTC) mining is a perfect example of the reasonable and eco-friendly use of power among other businesses. Bitcoin can monetize unused natural gas or methane gas energy sources. Natural gas, often flared, can be used to create Bitcoins and thus contribute to lessening global warming.