Peter Schiff Dismisses Elon’s Concept of a Transparent BTC Mining Plan

American stockbroker and founding member of the Euro Pacific Asset Management Peter Schiff is skeptical about Elon Musk’s idea of a sustainable BTC mining practice. The Tesla CEO attended a meeting hosted by Micro Strategy’s head Michael Saylor to urge the North American Bitcoin miners and the global mining community to publish their current and planned energy usage. 

In addition to that, the miners in attendance agreed to develop a Bitcoin Mining Council that will encourage sustainable initiatives on a global scale. However, Peter Schiff argues that standardized energy reporting will lead to a tremendous waste of energy and increased mining costs. 

He further explains that BTC may become an inefficient payment tool as the digital coin’s transaction charges get more expensive. Other notable companies present during the meeting include Hive Blockchain, Marathon Digital Holdings, Argo Blockchain, Core Scientific, Riot Blockchain, Hut 8 Mining, and Blackcap. 

After Elon’s big reveal at the meeting, the dominant coin surged by 4%, moving from $38,074 to a price exceeding $39,500. 

Peter Schiff’s Past View on Bitcoin

From time to time, Peter has been a vocal opponent of the leading digital currency. Despite being a key player in the financial industry, he is more confident in what gold offers than what BTC brings to the table. 

On May 17, 2021, he took to Twitter and bashed Michael Saylor for advising investors to hold BTC as a hedge against inflation. In the same tweet, Peter also commented on Saylor’s involvement in promoting Bitcoin investment, terming it nonsense, and urging everyone who holds the king coin to sell it. 

At the beginning of 2020, Schiff claimed that his wallet was somewhat corrupted and that he couldn’t access his Bitcoin holdings because the password to his wallet was invalid. Interestingly, Schiff’s son is the opposite as he reportedly transferred his portfolio investments into cryptocurrencies. In the end, the precious metal dealer came out to admit that he was wrong about Bitcoin.

Gold vs. Bitcoin Energy Consumption

Galaxy Digital gathered a report in May 2021 to estimate the annual energy consumption rates between gold and Bitcoin’s network. Going by the findings, gold consumed an immense energy level of 240.61 TWh while Bitcoin used 113.89 TWh per year. In terms of energy emissions, gold releases approximately 126,359,000 tonnes of CO2. 

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The report comes after allegations that BTC mining incorporates dirty energy solutions, driving Galaxy Digital into quantitative research that estimates absolute energy consumption levels.

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