Elon Musk says Tesla will resume Bitcoin purchases when Bitcoin gets greener.
Elon Musk says Tesla will resume Bitcoin purchases when Bitcoin gets greener
It's all about clean energy, it seems.
Elon Musk and Tesla caused ripples in the cryptocurrency market in the past few months, first by announcing that Tesla had bought $1.5 billion worth of bitcoins and that it will start accepting Bitcoin for purchases, and then by selling some of those bitcoins and halting said purchases due to environmental concerns.
This seemingly caused the price of Bitcoin to go sharply up and then sharply down, additionally fuelled by speculations on just how many bitcoins Tesla sold and what will happen in the future.
Now, CEO Elon Musk took to Twitter to clarify both issues. According to Musk, Tesla only sold roughly 10 percent of its Bitcoin holdings, "to confirm BTC could be liquidated easily without moving market." The comment was made in response to an interview with Sygnia CEO Magda Wierzycka, who said that Bitcoin's recent volatility is a result of "market manipulation" by Musk.
Furthermore, according to Musk, "when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions."
The tweets caused a storm of replies, with some Bitcoin proponents claiming Bitcoin mining is already greener than what Musk has proposed, and others claiming it's not.
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Bitcoin mining is a process of creating new bitcoins and running the Bitcoin network by employing the computing power of very powerful, specialized computers. The issue with the process is that it has become so big that it's a massive energy hog, with the total energy consumption often being compared to energy outputs of entire countries.
There is currently no foolproof way to determine the exact amount of clean energy used in Bitcoin mining, which leaves Musk and Tesla a bit of leeway here. To Musk's credit, he already made some moves to make Bitcoin mining greener. In May, he said he spoke to North American Bitcoin miners, who "committed to publish current & planned renewable usage" and said they would ask other mining operations worldwide to do the same.
The price of Bitcoin rose by roughly 12 percent following Musk's tweet on Sunday, and it currently sits at about $39,500.
No trust :)
ReplyDeleteOr he can accept a completely sustainable coin…. #HEX
ReplyDeleteCheck it out:
https://t.co/rHECzt8JA9?amp=1
You mean the Bitconnect of now. That coin is going to be exit scammed by Richard Heart. Dude is a known scammer, but by all means don't learn from the past.
Delete;D ;D ;D
DeleteWhat's a what's a what's a what's a what's up Hexicans!!! #rekt
Deletehttps://t.co/DolTQ7ENTN?amp=1
this is terrible news
ReplyDeleteSomehow Musk must find a way to prove Tesla can make a profit making cars, not selling carbon credits or speculating in bitcoins…
ReplyDeleteHe tore a page out of the hedge fund media machine. He’s talking up the ‘investment’ so he can dump them.
DeleteSomehow, you must find a way to offer something other than clichés.
DeleteActually, no, he need not do that. Investors only care about the return on investment, not about how the return was earned, so long as the return was earned legally.
DeleteOr pull a David Copperfield and just disappear like all good con men do.
DeleteYou mean like TSLA = Smoke and Mirrors?
DeleteWonder if he will resume buying minerals for his battery material when the cobalt and lithium mining is 50% green? Oh wait, he doesn't care about that.
ReplyDeleteThere is no cobalt...
Deletelearn to do some independent research rather than only reading article headings and media FUD
Tesla's new tabless is Cobalt free, but the batteries he used before the tabless contain cobalt, as do most of the EV batteries today. So my point stands.
DeleteFR AF, I should also note that lithium is one of the more pollutant minerals on earth, couple with the mining for such. So actually my point is spot on.
DeleteI disagree, ur statement comes off as a direct attack on Tesla. The number of Teslas produced pales in comparison to the total number of hybrid and EV vehicles produced globally ever. Tesla has in place more measures to ensure clean(er) production of batteries than any other OEM, also ever. Also what most missed is that this article is inaccurate as it states that 50% of miners must be green. Actually its 50% of energy used must be green. Very different. Just shows that nay sayers bears and media will use every angle to misconstrue Tesla’s message mission and stock price. Whats even worse is that vast majority of Tesla’s are charged overnight using excess electricity regardless of the source. If not used to charge then it goes to waste. At least it’s cars aren’t adding extra layer of population vs ICEs.
DeleteIn summary, he is preparing to exit BTC.
ReplyDeleteWhen he can. I may as well put a sell limit order in.
DeleteHe needs to get it above 40k so he can safely unload his remaining stash.
ReplyDeleteNow we are talking sense.
DeleteBitcoins (aka Satoshis) and kilowatts are both fungible. There is no way to distinguish one satoshi in circulation from another satoshi in circulation and there is no way to distinguish one kilowatt on the grid from another kilowatt on the grid.
ReplyDeleteTell me how you are going to prove any given bitcoin/satoshi in circulation was mined with renewable energy. Does blockchain "tag" renewable sourced bitcoins from non-renewable sourced bitcoins?
This is a perfect example of how the media spreads FUD to manipulate TSLA stock price
ReplyDeleteThe title says when 50% of miners are green - WRONG
When 50% of the energy used to mine BTC is green - RIGHT
How do you get that wrong???
FCC should shut down Maskmaniplator once and for all.
ReplyDeleteThis guy is a complete fraud and moving prices up and down as he pleased....UNxxxxx-believable that he's not sued yet!
Goes to show how unstable Bitcoin is.
DeleteElon Musk could hardly do the same to the US Dollar.
Seems he proved the opposite, that BC is uber-sucesptible to pump&dump rumors.
ReplyDelete"Confirm" is the wrong word. It should be replaced with "test if". A true test proves or refutes, or is inconclusive, regardless of the hoped for outcome of the tester.
DeleteBasically the total cost (fixed capital plus unit cost) of creating each new bitcoin is roughly equal to its market price and the coin creation rate is constant in the near term. That means if the price of bitcoin goes up by some factor the total amount of electric power usage (measured in dollars) will go up by the same factor.
ReplyDeleteIn other words the overwhelming main factor determining the power usage is the market price. Even if 50% of the generation is "green", if the price goes up by a factor of five or ten it means five or ten times as much CO2. Musk can either talk the price up (to get more greenhouse gas emissions) or talk it down (to get less). Those are his two choices. Apparently now his choice is to talk the price up.
Why are you talking like elon controls bitcoin?
DeleteThese data points are completely false. Bitcoin remains very profitable to mine.
Delete"Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market."
ReplyDeleteThis man will spin any bee-es.
Decentralized except that one billionaire guy runs it.
ReplyDeleteThere are a bunch of people posting that 70% of Bitcoin energy is clean because like 75% of the mining power comes from China and those mining farms are using hydro power and wind.
ReplyDelete75% hah. Mostly coal I imagine.
DeleteYes, a great majority of Chinese electrical generation is coal, followed by hydro and renewables, with some nuclear too.
DeleteY’all understand that he’s just messing with you, right?
ReplyDeleteMusk should invest in the SPAC SOAC. They are collecting battery metals from the ocean floor instead of strip mining like how nickel and lithium are usually collected. Seemed like a more environmentally way to make EVs
ReplyDeleteMust be a great 'investment' when a few high profile individuals can move an ....'asset?' with a tweet.... personally, who cares about 'making a profit' if the stock return is in the THOUSANDS? Wait till more competition appears....then WHAT????
ReplyDeleteSounds more like they were tax loss harvesting.
ReplyDeleteTo test the market, lol. More like to make some nice profits for the quarter.
ReplyDeleteRidiculous on 2 levels.
ReplyDeleteOne - That the price of a billion dollar market moves based on one mans tweet.
Two - That the price moves based on a condition that will not happen for years and maybe never.
Investors can be so dumb. I guess that should read - Gamblers are so dumb.
He is just an out-and- out swindler.
ReplyDeleteMusk is a double minded individual. He flip flops like a carp out of water.
ReplyDeleteThat carp out of water has a current net worth north of $150 billion. He is enjoying the show.
Delete