[ad_1]
Find out what clicks on FoxBusiness.com.
Tesla CEO Elon Musk tried to refute claims Thursday that Bitcoin is “greener than critics say.”
In a series of tweets Thursday, Bitcoin Magazine quoted Kraken CEO Jesse Powell as saying not only that digital currency is green, but that Musk – who recently questioned the environmental impact of the currency digital – “still has some studies to do”.
“Based on what data,” Musk replied.
To support their argument, Bitcoin Magazine published a series of consecutive tweets citing information from its latest article using data from the Cambridge Center for Alternative Finance.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
“The Cambridge Center for Alternative Finance estimates that 76% of all miners use renewables as part of their mix. CoinShares estimates that the total share of renewables can even reach 73%,” the magazine tweeted.
In recent months, Musk has drawn attention to cryptocurrency, expressing concern about its mining process – the process of creating cryptocurrency. Bitcoin mining is done by solving mathematical puzzles on powerful computers that require large amounts of energy.
Musk announced that Tesla will stop accepting digital currency as a form of payment for its vehicles and will not resume bitcoin transactions until “there is confirmation of reasonable (~ 50%) use of clean energy by miners “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 all fuels,” Musk said on Twitter in May. He added that cryptocurrency is a “good idea on many levels” but its promise cannot come at a “high cost to the environment.”
Musk hinted at his decision in another tongue-in-cheek tweet referring to a breakup.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
However, Powell and Bitcoin Magazine aren’t the only ones who disagree with Musk’s assessment.
Michael Saylor, co-founder of business intelligence firm MicroStrategy and a staunch supporter of Bitcoin, told the Bitcoin 2021 conference earlier this month that he believes “Bitcoin is the most efficient use. energy that the human race ever imagined. “
ELON Clarifies Cryptocurrency Position As Prices Fall
“I think Bitcoin is an extraordinarily disruptive technology and beneficial to the entire energy industry, and as I studied it, it became clear to me that this was the most cost effective use of intermittent energy, ”Saylor said. “This is the most valuable renewable energy use. It is the most valuable use of wasted or stranded energy. And this is just the period of most valuable energy use.”
Audrey Conklin of FOX Business and Associated Press contributed to this report.
[ad_2]
picture credit