UPDATE Black day on the cryptocurrency market after Tesla’s announcement on bitcoin
Thus, at 04.00 (Romanian time), bitcoin registered an increase of over 13%, up to 49,600 dollars, according to CoinMarketCap, a platform that calculates the average of several exchanges.
At the same time, ethereum decreased by 6.8%, cardano by 10%, litecoin by 16%, and egld by more than 5%.
Even the already famous Dogecoin registered a decrease of 14%.
Elon Musk changed his mind
Tesla will no longer accept payment in bitcoin for the purchase of vehicles, in the context in which Elon Musk claims that he is worried about the use of fossil fuels in the mining process, writes Ziarul Financiar.
“Tesla has suspended payment in bitcoin for the purchase of vehicles. We are concerned about the increasing use of fossil fuels for mining and trading, especially coal, which has the most harmful emissions of all types of fuel. “, wrote Elon Musk on his Twitter account.
The billionaire announced at the end of March that Tesla will accept payment in bitcoin. At the time, he was congratulated by an entire army of investors, but was criticized for the paradox between the Tesla mission and the impact of bitcoin on the environment.
It should be noted that nothing has changed between the time he decided to accept payment in bitcoin and the current moment in terms of environmental impact.
“Cryptocurrencies are a good idea from many points of view and we believe they have a promising future, but this cannot come at the cost of environmental impact.”, he also wrote in the post announcing that he no longer accepts cryptocurrencies.
He mentioned that Tesla will not sell the bitcoin coins it already owns, it will even use them for transactions. “As soon as mining makes the transition to more sustainable energy sources”.
“At the same time, we look at other cryptocurrencies, which use less than 1% of the energy that bitcoin uses per transaction.”.
In the last year, Elon Musk has begun to express his appreciation for cryptocurrencies more and more clearly, as he is already an idol among a generation of investors who have become rich in bitcoin or even jokingly made coins like Dogecoin.
A blockchain network functions as an immutable digital register in which all user interactions with the network are stored. This network is governed by miners and nodes, where the nodes are the ones who hold a copy of the register, and the miners are a kind of accountants. Their role is to take the data from the user and move it to the blockchain, ie the registry.
This mining activity consumes a lot of energy. An analysis published this year by Cambridge shows that bitcoin consumes as much electricity in a year as Argentina.
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