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Elon Musk Doubles Down on Bitcoin Energy Consumption FUD, Says Bitcoin Energy Consumption is Insane


coingape.com 13 May 2021 12:49, UTC
Reading time: ~2 m

Elon Musk dropped a bombshell late yesterday after he announced that Tesla would no longer accept Bitcoin payment owing to its network’s high consumption rates, while at the same time also informed that Tesla won’t sell any Bitcoin they had bought earlier in February. The announcement took everyone by surprise given Musk had recently extended his support for Bitcoin’s promotion of clean and renewable energy usage. The billionaire received a lot of flak from the Bitcoin community for flip-flopping on his statements. Many pointed towards the company’s recent attempt to enter the renewable fuel credit market.

Musk has now added to his early announcement with an energy consumption chart of Bitcoin’s network, calling the recent energy consumption trend insane.

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Energy usage trend over past few months is insane https://t.co/E6o9s87trw pic.twitter.com/bmv9wotwKe

— Elon Musk (@elonmusk) May 13, 2021

While there is no denying the fact that Bitcoin’s PoW consumes comparatively much higher energy than most of the other crypto assets but at the same time, it is also important to note that a majority of Bitcoin mining energy comes from clean renewable energy sources such as hydro powerplants and windmills. China which is the hot spot for Bitcoin mining has the most concentration of miners in areas where surplus clean energy is available in plenty, something Musk is aware of but doesn’t seem to highlight just three weeks after acknowledging it.

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