Bitcoin Just Got Cancelled

Elon Musk and Tesla only recently dropped Bitcoin, and rather – might move towards a more renewable neutral option, such as Dogecoin, rather – here would be the consequences of the occurring, Enjoy! Add me Instagram: GPStephan

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The other night, Elon announced that Tesla will NO LONGER be accepting Bitcoin as payment because of environmental concerns, and the industry immediately sold , posing some new problems: One, is Bitcoin really as BAD for the surroundings as people think it is, and two: does this cause OTHER businesses to follow suit, further driving the demand?

In regard to Bitcoin’s energy intake, technically…Elon Musk isn’t WRONG, and this was a well-known effect of Bitcoin for quite a while ….but, really assessing just how much vitality Bitcoin uses isn’t a simple answer.

On the outside , the Cambridge Center for Alternative Finance claims that Bitcoin consumes around 110 Terawatt hours each year – that can be over 0.5% of the international energy production, and approximately equivalent to the yearly energy draw of little countries such as Sweden.

1 study conducted in 2019 found that 73% of Bitcoin mining was CARBON NEUTRAL, making Bitcoin mining much more renewables-driven than nearly every other large scale industry in the world. Another study came to a different decision, saying that 39 percent of Bitcoin mining was driven by renewable energy energy…but, even though we assume the reduced number is right, this ’s more than TWICE THE AMOUNT of this US energy intake grid.

The other interesting idea this study found was that, unlike the present monetary system that draws electricity from where offices are located – Bitcoin can be mined from any place in the Earth, enabling it to make the most of other energy resources, such as hydro-power, that mostly goes to waste in some specific countries, as it can’t even be readily transported through other regions.

In terms of the BIG PICTURE though, that the Goal Carbon Project discovered that the world generated 34 BILLION Metric Tons of carbon emissions in 2020…that can be 620 times MORE than what Bitcoin is anticipated to generate.

But, the truth still stays …OBJECTIVELY, Bitcoin utilizes a good deal of energy…and while it’s nearly impossible to quantify exactly how much…when you add up everything throughout the board, it seems like it uses 20% MORE energy than the ENTIRE BANKING SYSTEM….and, lets be real. . .that’s a lot.

To mepersonally, I’m not overly concerned about Tesla NOT selling their cars with Bitcoin…personally, I only watched that as a tiny gimmick, and though it was a fun theory …I highly doubt THAT many individuals were employing Bitcoin to buy a Tesla beyond a novelty. The larger response is Tesla publicly denouncing Bitcoin because of its own energy intake, which is a movement which other companies will probably follow.

How I see it, Tesla is very much an industry pioneer and what THEY do, others replicate …therefore, if Tesla has a problem with bitcoin, most probably, others may, as well…and that’s we could see this with a negative affect throughout the industry.

The simple fact is, Bitcoin DOES use a significant amount of energy…but, more study needs to be performed in order to determine where that energy is coming from, and examine it with different facets of the banking system to think of a real 1-to-1 contrast.

I say that not to DISMISS how detrimental Bitcoin can be, but rather, to think of REAL numbers which we are able to really worth with to create a more sustainable future. This is going to highlight potential problems of not only Bitcoin, but the whole cryptocurrency marketplace, and function for a huge push towards renewable energy…of that, Tesla includes a vested interest in battery and solar technologies.

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