AltCoinDesk spoke with Auradine CSO, Sanjay Gupta on day 1 of Bitcoin MENA in Abu Dhabi, UAE. The in-depth interview touched on several pertinent topics, such as the amount of energy Bitcoin’s proof-of-work consensus algorithm uses, if proof-of-stake protocols are treated partially by financial regulators, and the increasing importance of the Middle East in the global digital assets scene.
Gupta highlighted Bitcoin’s rising network difficulty and hashrate, which have witnessed tremendous growth over the past few years. As a consequence, the requirement for advanced mining infrastructure is rising in tandem.
He emphasized the Middle East’s advantages in terms of geographical location, operational efficiency, and energy sourcing in fostering its Bitcoin mining ecosystem. Gupta added that a sizeable percentage of global Bitcoin mining is already running on renewable energy.
Further, Gupta cleared the misconception that PoS platforms like Ethereum may receive preferential treatment from regulators around the world due to their perceived environment-friendly nature.
The conversation then moves on to the stark change in the US’ stance toward all digital assets, including Bitcoin mining. Gupta remarked that while things have taken a positive turn under US president Donald Trump, BTC was already defined as a commodity and not a security under the Joe Biden administration.
He emphasized the importance of the CLARITY Act as to how it has played a huge role in making the overall regulatory environment a lot clearer. Gupta added that many regulated spot crypto exchange-traded funds (ETFs) now hold cryptocurrencies, signifying their growing adoption in the mainstream.
In conclusion, the Auradine CSO reaffirmed that the criticism of Bitcoin’s PoW consensus algorithm is unjustified. He also mentioned how AI datacenters use almost the same, if not more, amount of energy.
