Tesla CEO, US billionaire Elon Musk is concerned about the increasing use of fossil fuels to mine and trade bitcoin, especially coal – the fuel with the worst emissions.
Tesla stops trading in bitcoin. (Source: Forbes) On May 12, the world’s largest electric vehicle maker Tesla (USA) announced that it would stop using bitcoin in its car sales due to concerns about environmental issues. On his personal Twitter page, Tesla’s CEO, US billionaire Elon Musk wrote: “Tesla stopped using bitcoin to buy and sell cars. We are concerned about the use of bitcoins. fossil fuel for bitcoin mining and trading is increasing, especially coal – the worst emission fuel.” Tesla suggested that cryptocurrencies are a “good idea” with a “promising future” but “that cannot be achieved at a huge cost to the environment. Tesla emphasized that it will not sell “any bitcoin” but intends to use it for trading as soon as “bitcoin mining” transitions to more sustainable energies. This can be considered as a move to reverse the view of Elon Musk and Tesla, after facing criticism from environmentalists and investors. In the first quarter of this year, Tesla spent $1.5 billion buying bitcoin, then selling about 10% to bring in more than $100 million in profit. Immediately after the above announcement, the world’s largest digital currency lost more than 7% of its value and is trading at $52,669. In the Asian market, at one point bitcoin fell 17% to $45,700, its lowest level since March 1. Currently, this virtual currency has partially recovered to over $50,000. Bitcoin has a high level of security, appears and is distributed completely automatically based on algorithms and anyone can own it through deciphering mathematical equations and giving answers. dig.” To be able to earn bitcoins, “miners” will have to solve complex computational problems through a “miner” that consumes a lot of electricity. Researchers from the University of Cambridge (UK) believe that the total energy consumption of bitcoin mining in 2021 could reach 128 billion kWhm, accounting for 0.6% of the world’s total electricity production and high than electricity usage in Norway.
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