Tesla is likely to resume accepting Bitcoin as a payment method when cryptocurrency mining rates reach 50% of renewable currencies, CEO Elon Musk said Wednesday in a virtual panel hosted by the Crypto Council for Innovation I mentioned in the discussion. A statement he made on Twitter last month.
Tesla began accepting Bitcoin as a payment method in February. At the same time, due to environmental issues, the company bought a historic $ 1.5 billion Bitcoin before redoing the decision just three months later.
Cryptocurrencies actually consume so much energy that you get a bad lap of energy usage, at least many of them do. The two largest currencies, Bitcoin and Ethereum, use a mechanism called Proof of Work to power the network and create new blocks for each currency. The task is to solve complex cryptographic problems, and miners solve them by stitching together high-end graphics cards to tackle these problems. Thousands of GPUs are running 24 hours a day at major mining centers.
Ethereum has already promised a transition from proof of work to what is called proof of stake, which significantly reduces energy consumption, but Bitcoin seems unlikely to make this transition. Therefore, being environmentally friendly does not mean making radical major changes to Bitcoin, but shifting the energy sources that power those mining centers. increase.
Bitcoin’s global mining network clearly relies on renewable energy, but given how the grid is decentralized, it’s quite difficult to get accurate insights into the widespread use of renewable energy. is. What is clear is to take unprecedented transparency from the global network and give musk a starting point for determining Bitcoin’s current and future environmental concerns. Perhaps Musk has a lot of wiggle room to make this decision. It is based on anecdotal data whenever he wants.
Today’s comment is natural. He tweeted in June. Tesla will resume permitting Bitcoin transactions once there is a reasonable (about 50%) confirmation of clean energy usage by miners with good future trends.
This is inaccurate. Tesla sold only about 10% of its holdings to ensure that BTC could be easily liquidated without moving the market.
Tesla will resume permitting Bitcoin transactions once there is a reasonable (~ 50%) confirmation of clean energy usage by miners with good future trends.
Elon Musk (@elonmusk) June 13, 2021
But his comments give him plenty of room to wiggle. Tesla can support it as long as there is a conscious effort to move Bitcoin miners towards renewable energy, he added later in the story. Most of Bitcoin’s mining took place in China, which was made slightly more economical by cheap coal and hydropower. But Musk said some of these coal-fired power plants were closed (and most of China’s miners began to move abroad in response to the Chinese Communist Party’s crackdown on mining).
Others say that his concerns about the environmental impact of Bitcoin have caused controversy in the Bitcoin community, and that Bitcoin has undergone a great deal of scrutiny compared to its actual energy expenditure. Twitter CEO Jack Dorsey, who also participated in the virtual panel, actually claims that Bitcoin can help drive the transition to renewable energy. A white paper published by the Bitcoin Clean Energy Initiative, a program created by Square, argues that Bitcoin mining could make renewable energy even cheaper and more economically feasible than it is today. increase.
Musk’s comment was ambiguous, but shows that it still exerts considerable power on the cryptocurrency market. Bitcoin prices fell below $ 30,000 on Monday after hitting a record high of over $ 63,000 in April. However, prices rebounded after the founders of billionaire revealed details about his and his company’s holdings in a virtual panel.
In addition to his personal Bitcoin holdings and Tesla’s Bitcoin holdings, his aerospace company SpaceX also owns Bitcoin. Musk added that he also personally owns ether and (of course) Dogecoin. After his comment, the prices of all three cryptocurrencies have risen.
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