"All of a sudden, he's not so keen due to environmental concerns. But why now?" Nigel Green, CEO of the financial advisor deVere Group and a crypto supporter,But Musk's decision may have some weight behind it, especially considering the rise in bitcoin's energy consumption in recent years. Tesla's February, further hiking up its value.
Environmentalists have long criticized bitcoin's environmental footprint, and Wall Street analysts seem to agree: Bitcoin mining could erase any gains made by electric vehicles to eliminate carbon emissions. The cryptocurrency's energy consumption is linked to the computer calculations necessary every time a trade is made or a new bitcoin is minted. Thousands of computers connected network race to verify transactions and collect a reward for doing so. These processes rely on large amounts of computing power and electricity, which is often derived from fossil fuels, including coal — as well as the energy necessary to cool large computing arrays.
Over the last two years, as bitcoin has rapidly risen in popularity, so too have CO2 emissions from its mining. The cryptocurrency has caused emissions to increase by over 40 million tons, which would be equivalent to adding 8.9 million cars to roads, according to a"We do not find many other human activities that have a higher carbon footprint per dollar of inflow," the analysts said.
BofA also found that the currency produces more greenhouse gases than American Airlines , as well as uses more energy than many countries, including Greece. BofA estimated that if bitcoin prices rose to $1 million, the cryptocurrency could become the fifth largest cause of CO2 emissions in the world.
BITech FFS! He owns a fooking fleet of spacecraft and satellites and he's concerned about a carbon free future🥵
TechInsider there is no activity without energy
TechInsider He needs to get help.
No matter how much energy consumption, he does care how many Bitcoins can buy a Tesla, 1 or 100?
he reckons does he, hmm.
TechInsider
But Tesla's run on the same electricity?
Bitcoin: asic chip mining, large mining pools, making the computing power more and more concentrated, whales, making Bitcoin more and more concentrated, making it a tool of speculation, only doge coin is truly decentralized Currency... Stop media tools for brainwashing
BITech Of course, Did he think those cryptocurrency servers farm running day and night to mine “coin” consume nothing? See the emission per transaction below.
TechInsider Elon doesnt know about the energy being consumed in printing cash money and running banks through out the word. Elon must know about the carbon produced by the spacecraft into the atmosphere. He must be kidding.
TechInsider Noup.
Doing bitcoin transactions worth 1 billion $ equal to adding 1,2 million gasoline powered cars on roads. Electric car manufacture Tesla’s mission is not sincere if they accept bitcoin.
This guy literaly pumped crypto when it was fading. Now he reverses his stand. Not able to understand his motive.
TechInsider I still can't believe his from south Africa
when he made hundreds of millions with bitcoin and doge he didn't pollute any more. he himself said one day that he was mining doges. He mine with current from a wind turbine? He have one in backyard?
BITech Dogecoin
Nobody gives a fuck!!! China is gonna keep polluting the earth like crazy regardless!!!
Ill-informed. It’s a marketing play so he can establish himself as the world’s largest renewable energy crypto mining company. Stay tuned 👀
He could use Digibyte $DGB instead
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