As known from:
CoinWireICOBenchCoinCodex
Write a Review
Write a Review
Nothing Found
Contains commercial content
TradersBest.com / Elon Musk Discusses the Future of Crypto Mining

Elon Musk Discusses the Future of Crypto Mining

Publish Date: 28/05/2021

CEO of Tesla and SpaceX founder, Elon Musk, has again ruffled the crypto world by tweeting his plans for Bitcoin mining. He says there are more concerns about the amount of energy consumed in the mining process, which comes at a cost to the environment.

On Monday evening, Musk tweeted, “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.” It received a better response than his announcement on the 12th of May that Tesla would be suspending Bitcoin as a payment method for their vehicles.

Elon Musk tweets about a more environmentally-friendly way to mine cryptocurrencies

Elon Musk is constantly finding ways to use more renewable energy through his businesses. With cryptocurrencies, it is no different. He explains in a tweeted statement that he is concerned about the number of fossil fuels used for Bitcoin mining and crypto transactions. He claims it has the worst emissions of any fossil fuel. Musk says that he believes cryptocurrency is a good idea. However, it cannot come at a significant cost to the environment if it wants to have a promising future.

Recently, Musk has been open about his preferred cryptocurrency, Dogecoin. He tweeted on the 13th of May, “Working with Doge devs to improve system transaction efficiency. Potentially promising.” In the crypto world, digital currencies like the second most popular, Ethereum, and the meme-inspired, Dogecoin, are challenging Bitcoin. They are the alternatives and are finding ways to improve transaction times and even offer lower fees, making them more popular in the market.

As cryptocurrencies are growing, the blockchain is growing even longer, meaning crypto mining is becoming more complex. Miners are essentially racing to solve highly complex mathematical calculations and, in the hope of solving it first, being rewarded with a lucrative coin. The process is becoming more complicated, so supercomputers are now being used to help tackle these equations every second of the day worldwide.

Musk is right to voice his concern about how unsustainable crypto mining is to the environment. Cryptocurrency farms that have vast amounts of computers can operate 24 hours a day. According to Digiconomist founder Alex De Vries, he estimated from March 2021, the amount of energy Bitcoin consumes is as much as the country of Norway.

Last weekend, the Chinese government began to crack down on using cryptocurrencies for payment, causing the dramatic Sunday slump. On Monday, major crypto exchange Huobi suspended its crypto mining facilities also. Around 65% of the global electricity used for mining is done in China, where coal generates electricity. It is the cheapest power globally, but it is rapidly increasing the carbon emissions as a result.

In terms of crypto mining as a renewable energy source, we should not expect a sudden change. Miners will generally seek the cheapest option because they want to gain maximum profit. But if one country starts to tackle this issue, others will soon follow.

Read Also
Dogecoin Spikes 23% After Elon Musk Tweet
A tweet from Elon Musk saying Tesla would accept Dogecoin payments caused ...
Elon Musk’s Planned Tesla Stock Sell-off Spooks Market
Shares in Tesla dropped by 9% following remarks by Elon Musk that ...
Why the Chinese Crypto Crackdown Will Benefit the Industry
Last month, Beijing called for tighter measures that would end bitcoin mining ...
Bitcoin Value Recovers After Tesla Triggered selloff
Bitcoin's value saw a massive decline following Elon Musk's tweet that mentioned ...
Bitcoin Crashes After Musk Announcement
Bitcoin crashed on 12th May following Elon Musk’s announcement that Tesla would ...
Latest News
Study: how do finances shape our love life?
Do we find someone less attractive if they're ...
Is FTX Bankrupt? 
The crypto market has seen a drastic change ...
Disney Shares Jump 6% After Positive Earnings Report
A booming subscriber base and the return of ...
Alibaba Posts Flat Revenue Growth But Stock Still Jumps 6%
Chinese ecommerce giant Alibaba posted its first earnings ...
Intel Stock Slumps Over 8% Following Weak Earnings Report
Chip-maker Intel suffered a disastrous end to last ...
Top Forex Sites
Ally Invest
Ally Invest
Ally Invest Review
4.8/5
Webull
Webull
Webull Review
4.6/5
Kraken
Kraken
Kraken Review
4.3/5
Nadex
Nadex Review
3.6/5
Interactive Brokers
Interactive Brokers Review
4.8/5
Receive the latest trading news by email + our free eBook
Crypto eBook EN
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Receive the latest trading news by email + our free eBook
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site