A clash ensued on Twitter following a series of tweet from US senator Elizabeth Warren and certain crypto advocates, with the latter responding to Warren’s tweet on cryptocurrency mining crackdown
The debate focused on the impact cryptocurrency mining has on the environment.
The US Senator, Warren Elizabeth expressed her view clamoring for the crackdown on cryptocurrency mining, and emphasizing on its negative impact on the environment, as well as its adverse effects on global economy. She continued in her statement saying:
The amount of electricity bitcoin consumes each year in the state can put down a strain on power, causing environmental crises, leading to the death of the universe.
Sam Bankman-Fried, CEO of FTX exchange responded to Senator Warren’s tweet, saying that the issue can be settled, only by utilizing a different tool such as chains, lightning and any other eco-friendly alternative(s) supporting the reduction of efforts and financial resources spent.
He added that the use of energy in mining cryptocurrency (Bitcoin) has an economic impact, but can be reduced.
Furthermore, the CEO of MicroStrategy, Michael Saylor commented that bitcoin mining only converts wasted and standard energy into virtual power, which is the natural successor of chemical and electrical energy. Therefore, it can be managed by another computer that is placed anywhere at the speed of light, and then lasts forever, resulting in an improved economy.
