The demise of BTC and other coins started when Elon announced that Tesla won’t accept Bitcoin anymore. The reason behind this was cited to be increased energy usage and the environmental impact of Bitcoin. Elon even said that they are looking at other currencies that are much more power-efficient than BTC. And when we thought Elon’s interest in Bitcoin is gone, he tweets saying that he has been talking with North American Bitcoin miners. He also added these miners have committed to publishing their renewable energy usage.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
Is Bitcoin bad for the environment?
This is one of the biggest debates that has always been a big thing for Bitcoin. Considering the fact that Bitcoin’s energy usage is much lesser than Gold mining and even the energy required to run banks, I would argue against the same. There are also debates saying that the renewable energy use for mining BTC could be put to better use. But I don’t think it is a practical argument. After all, if we are considering something an asset then there has to be some value backing it.
The value of Bitcoin is that it isn’t easy to mine and takes up a lot of time and effort. This difficulty in production and the scarcity of tokens is what makes the currency much more valuable. In fact, if we talk about energy usage even fiat currencies require a lot of resources to print and even paper is utilized behind the same. If environmentalists are going to bash Bitcoin it’s fine because it does consume a lot of energy. But the point is that its consumption is much less than another transactional medium and it does the exact thing but much better.
What are your thoughts on Elon Musk’s latest tweet? And do you think that the energy usage problem of Bitcoin will be solved? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.