As the mining industry prepares for a debate in the US House of Representatives this week, MicroStrategy CEO Michael Saylor spoke at the Bitcoin Mining Council (BMC) quarterly briefing on Wednesday.

According to the CEO, the amount of energy Bitcoin uses is no more than a small amount in other major industries and is "insignificant" compared to the total amount of energy used in the world.

estimated annual energy concumption

   "Bitcoin uses about 14 basis points compared to worldwide energy use"

Saylor noted that this has increased in the last quarter, given that Bitcoin's hashrate, or computational power, has increased "significantly."

bitcoin hasrate

Leading Bitcoin bull Saylor emphasized that mining is not only very efficient in its current form, but continues to become more efficient over time.

   "It is currently the lowest-cost industrial energy user in the world, with outstanding efficiency. It is important that it is getting more and more efficient."

Nic Carter, partner at Ventures: "It contains numbers that we know are false."

Alongside Saylor, Nic Carter, co-founder of Coin Metrics and partner of Castle Island Ventures, also joined the conversation. Focusing on the recently released erroneous memo prepared for the upcoming session in the US House of Representatives on the effects of crypto mining, Carter said the memo contained figures we “we know are false” about e-waste from mining.

   “Allegedly Bitcoin mining produced 30,000 metric tons of e-waste in 2021.”

Carter added that this is based on a document that assumes a 1.29-year depreciation cycle for ASIC Bitcoin mining devices.

"Bitmain S9 mining devices account for 25% of the network's hashrate, and this was an ASIC released in 2016," Carter explained, explaining that most mining companies use depreciation cycle assumptions that are "much longer" than 1.29 years.

   "In practice, we've found that ASICs often last much longer than most people expect."

Carter said the amortization cycle today is probably more than 5 years.