Elon Musk questions assertions Bitcoin is sustainable

Check out what’s clicking on FoxBusiness.com.

Tesla CEO Elon Musk tried on Thursday to refute claims that Bitcoin is “greener than critics say”.

As part of a series of tweets on Thursday, Bitcoin Magazine cited Kraken CEO Jesse Powell, who said not only that the digital currency is green, but that Musk – who recently questioned the digital currency’s environmental impact – “has further studies on it has to do “.

“Based on what data,” replied Musk.

To back up their point, Bitcoin Magazine published a series of consecutive tweets quoting information from its latest article using data from the Cambridge Center For Alternative Finance.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

“The Cambridge Center For Alternative Finance estimates that 76% of all miners use renewable energy as part of their mix. CoinShares estimates that the total share of renewable energies could even be up to 73%, ”tweeted the magazine.

In the past few months, Musk has been raising awareness of cryptocurrency and expressing concern about its mining process – the process of creating cryptocurrency. Bitcoin mining involves solving math puzzles on powerful computers that use a lot of energy.

Musk announced that Tesla will no longer accept digital currency as a form of payment for its vehicles and will not resume Bitcoin transactions until “adequate (~ 50%) clean energy use by miners is confirmed” with a positive future trend.

“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said on Twitter in May. He added that cryptocurrency is a “good idea” on many levels, but its promise does not come with “high environmental costs.”

Musk alluded to his decision in another winking tweet related to a breakup.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Powell and Bitcoin Magazine aren’t the only ones who disagree with Musk’s assessment, however.

Michael Saylor, co-founder of business intelligence company MicroStrategy and staunch Bitcoin defender, said during the Bitcoin 2021 conference earlier this month that he believes “Bitcoin is the most efficient use of energy mankind has ever developed”.

ELON CLARIFIES ATTITUDE TO CRYPTO CURRENCIES WHEN THE PRICES ARE

“I think Bitcoin is an extremely disruptive, beneficial technology for the entire energy industry, and as I studied it, I realized that it is the most valuable use of intermittent energy,” said Saylor. “It’s the most valuable use of renewable energy. It is the most valuable use of wasted or stranded energy. And it is simply the most valuable use of period energy.”

Audrey Conklin of FOX Business and the Associated Press contributed to this report.

Recent articles

Crypto exchanges struggle as El Salvador adopts Bitcoin

Today, Bitcoin is becoming an official currency in El Salvador, and the markets and crypto exchanges seem to be struggling. On...

Schools are back – and time to comply with the ICO’s Age Appropriate Design Code

As of September 2, 2021, the United Kingdom's Information Commissioner's Office ("ICO") expects organizations to use their Age Appropriate Design Code ("AADC"). The...

the ICO wants input on when personal data goes international

You don't have to be a data-focused IT service provider to realize that the UK was lucky enough to receive an adequacy decision from...