“I want to do a little more work to confirm that the share of renewable energy consumption [in BTC mining] is probably 50% or more and that there is a trend to increase that value,” the Tesla CEO said.
The cryptocurrency industry is moving towards a greener future
Speaking at “The ₿ Word, “ a virtual Bitcoin (BTC) conference featuring Twitter chief Jack Dorsey and Cathie Wood of Ark Invest, Musk said Tesla will “most likely” consider resuming cryptocurrency payments for its vehicles and services. Recall that the company stopped honoring purchases with BTC a May this year because of concerns about the dimension of the carbon footprint that the mining industry leaves for the environment.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP-
Elon Musk (@elonmusk) May 12, 2021
“There seems to be a positive trend in terms of energy consumption of the Bitcoin network […],” Elon Musk confessed. “[…] there’s no way to essentially double or triple the amount of renewable-based energy in such a short period of time […] Tesla’s mission is to accelerate the adoption of sustainable energy. We can’t be the company that does that and not do due diligence on Bitcoin’s energy consumption.”
“It looks like Bitcoin is leaning much more towards renewables, and a number of coal-fired power plants […] have been shut down, particularly in China. I want to do a bit more work to confirm that the share of renewable energy consumption [in BTC mining] is most likely 50% or more, and that there is a trend to increase that. If so, Tesla will resume accepting bitcoin.”
“If the price of bitcoin goes down, I lose money”
In May, Musk announced that Tesla would no longer accept payments in BTC due to the “increasing use of fossil fuels.” The cryptocurrency’s price then fell below $40,000 for the first time since February. Tesla’s CEO later clarified that the company would resume the ability to process transactions using BTC once there was confirmation that <a href=”https://bithub.co.uk/glossary/”>miners will use more than 50% clean energy “with a positive trend for the future.”
Tesla’s CEO also addressed allegations that his social media activity was directed at manipulating cryptocurrency prices in the spirit of “pump & dump.” He said that the only three assets “of any significance” that he owned (other than SpaceX and Tesla shares) were BTC, DOGE and Ether (ETH).
“If the price of bitcoin goes down, I lose money,” – Musk said:
“I can pump, but I don’t dump. I definitely don’t believe in raising the price and then selling or anything like that.
“SpaceX has bitcoins”
In April this year, Musk admitted that Tesla sold some of its bitcoin to prove the liquidity of the asset as an alternative to cash. He did not reveal how much cryptocurrency he personally owns, although – during an appearance on The ₿ Word – he added:
“I own bitcoin, Tesla owns bitcoin, SpaceX owns bitcoin; I personally own, of course, some ethereum and dogecoin.”
The statement confirms years of speculation that SpaceX has also bought BTC. Anthony Scaramucci suspected back in March that Musk certainly didn’t stop with Tesla in the context of his BTC purchase.
via Tesla, SpaceX, and personally. No living person has done more to protect the planet against climate change. (1/2)- Anthony Scaramucci (@Scaramucci) March 19, 2021
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