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The reason for Tesla’s suspension of supporting the use of BTC to purchase cars is that the company is concerned about “rapidly increasing the use of fossil fuels for Bitcoin mining and trading, especially coal.” For a company that develops electric vehicles, this sounds reasonable, right?
First of all, is BTC a Waste energy This is nothing new, and industry experts have been arguing for some time.At the same time, the mainstream media-the New York Times, Financial Times and Bloomberg, to name a few-are going all out headline News According to Musk’s comments, blame Huge cryptocurrency vitality use.they Referrals According to the Bitcoin Power Consumption Index of the University of Cambridge, the total power used by Bitcoin miners worldwide is currently about 113 TWh per year.But what they didn’t mention—intentionally or unintentionally—is the latest research by the Cambridge Centre for Alternative Finance statement 39% of all energy consumption used in BTC mining comes from renewable energy sources.
More interestingly, Galaxy Digital Published a report Titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to Subjective Issues,” the company estimates that energy consumption in the traditional financial sector is about 260 TWh per year, more than twice that of the Bitcoin industry. However, these estimates are only derived from available data, which means that it is fair to say that the actual numbers are much higher.
Another important note is that in COVID-19 outbreak As well as the huge global transition to digitalization, we must put the issue of encrypted energy consumption within the scope of wider Internet use.As Travis Nichols, Greenpeace U.S. Media Director Point out:
“As Web services grow and become more complex, the demand for computing power will continue to rise in the next few years, which will require more energy.”
In addition, billionaire investor and Dallas Mavericks owner Mark Cuban decided not to withdraw support for Bitcoin payments. Arguing with Elon Musk:
“We know that replacing gold as a means of preservation will help protect the environment. […] Reducing the use of big banks and coins will benefit society and the environment. “
If we go back to Musk’s accusations against Bitcoin, they do have a negative impact on the industry.For example, an environmentally focused bill in New York State will Suspended for three years If it passes the state Senate, crypto mining can be carried out. But as they said, every cloud has a silver lining.The advantage is that by drawing attention to the carbon footprint of the crypto industry, the space can move toward sustainable development faster because Occurring in a global pandemic, Which forces governments around the world to commit to green energy in COVID-19.
Cointelegraph contacted crypto and blockchain industry experts for their opinions on the following issues: How do all these Elon Musk comments affect the entire crypto space?
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