Bitcoin markets are retreating after electric car maker Tesla stopped buying vehicles with BTC.
In one Tweet On May 13, Tesla CEO Elon Musk noted the company’s concern about el “Rapidly increasing use of fossil fuels for mining and bitcoin transactions, especially coal.”
While Musk predicted that Cryptocurrency “has a bright future,” he concluded that the rise in digital assets “cannot come at the expense of the environment.”
However, the company hasn’t ruled out BTC being accepted again in the future.and notes that the company will “use Bitcoin again for transactions as soon as mining switches to more sustainable energy.”Musk added:
“We’re also looking for other cryptocurrencies that use less than 1% of the energy / transaction consumed by Bitcoin.”
On social media, many members of the crypto community have disagreed with Musk and Tesla’s claim regarding the environmental impact of Bitcoin mining, Twitter users “The wolf of all streets” pointed out that “miners mainly use renewable energies”.
While the The third global cryptocurrency benchmarking study conducted by Cambridge University in October 2020 found that up to 76% of cryptocurrency mining uses renewable electricity. An estimated only 39% of the total energy consumption of the cryptocurrencies they used was green energy.
At the end of this issue, BTC is down 6% in the past hour, from $ 54,800 to $ 51,600.