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Bitcoin not Carbon Friendly
Posted on 5/13/21 at 8:18 am
Posted on 5/13/21 at 8:18 am
Tesla recently stated they wouldn't accept payments in Bitcoin due to that currency not being 'carbon friendly'. Here's the exact statement:
I wonder where the EVs are on this graph? Also, where does Musk think the electricity to power his vehicles is going to come from? Perhaps a different grid than the Bitcoin miners? fricktard.
quote:
"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Mr Musk wrote.
"Cryptocurrency is a good idea... but this cannot come at great cost to the environment."
I wonder where the EVs are on this graph? Also, where does Musk think the electricity to power his vehicles is going to come from? Perhaps a different grid than the Bitcoin miners? fricktard.
15
Posted on 5/13/21 at 8:21 am to Aubie Spr96
Smart on his part his customer base is essentially competing with miners for fuel.
Posted on 5/13/21 at 8:23 am to Aubie Spr96
Oh no.
We won't be able to buy one of Elon's natural gas/nuclear/coal powered government subsidized cars with Bitcoin!!
We won't be able to buy one of Elon's natural gas/nuclear/coal powered government subsidized cars with Bitcoin!!
Posted on 5/13/21 at 8:23 am to Aubie Spr96
How do they attribute this to Bitcoin?
Posted on 5/13/21 at 8:23 am to Aubie Spr96
LOL at the people that think Musk is some kind of secret right winger.
Posted on 5/13/21 at 8:25 am to The Maj
quote:
How do they attribute this to Bitcoin?
The 'data mining' farms that make crypto currency use a ton of electricity.
Posted on 5/13/21 at 8:30 am to TrueTiger
I like Musk, and he's only doing this as some kind of market manipulation, so I don't think he really believes it.
But this has been a talking point for a while.
How much energy do people think other financial instruments, currencies and services demand?
What is the carbon footprint of the U.S. Treasury? Or even a company like Capital One? U.S. Stock exchange? Goldman Sachs?
So Bitcoin bad, petro-dollars good?
But this has been a talking point for a while.
How much energy do people think other financial instruments, currencies and services demand?
What is the carbon footprint of the U.S. Treasury? Or even a company like Capital One? U.S. Stock exchange? Goldman Sachs?
So Bitcoin bad, petro-dollars good?
Posted on 5/13/21 at 8:31 am to Aubie Spr96
That chart is very misleading.
It doesn't show that ~75% of the bitcoin network is powered by renewables. It also doesn't state that the bitcoin network incentivizes utilization of wasted gas. Trapped flare gas that flares to atmosphere or hydro projects in asia that cannot export power are major bitcoin hubs because the power is incredibly cheap and no longer wasted once used to mine bitcoin.
It doesn't show that ~75% of the bitcoin network is powered by renewables. It also doesn't state that the bitcoin network incentivizes utilization of wasted gas. Trapped flare gas that flares to atmosphere or hydro projects in asia that cannot export power are major bitcoin hubs because the power is incredibly cheap and no longer wasted once used to mine bitcoin.
This post was edited on 5/13/21 at 8:33 am
Posted on 5/13/21 at 8:34 am to Aubie Spr96
quote:
I wonder where the EVs are on this graph? Also, where does Musk think the electricity to power his vehicles is going to come from? Perhaps a different grid than the Bitcoin miners? fricktard.
This is your gotcha statement as if Musk isn't a supporter of alternative energy?
It's been known for a longtime now that Bitcoin mining is incredibly energy intensive.
Posted on 5/13/21 at 8:35 am to TigerTatorTots
Yea, really odd statement tbh. It shows he either a) didnt do his homework b) did what he was told to do by his board and needed a smokescreen or c) is purposefully manipulating the market.
I dont really care which one by the way.
I dont really care which one by the way.
Posted on 5/13/21 at 8:36 am to Bmath
Its also really well known that a huge portion of the electricity used for bitcoin farms is currently coming from hydroelectric....
Posted on 5/13/21 at 8:41 am to LSUnation78
quote:
hydroelectric
Except the Chinese constructed massive dams that have had environmental impacts which far outweigh their benefit in lowering emissions.
Posted on 5/13/21 at 8:46 am to TrueTiger
quote:
data mining' farms that make Bitcoin
Try XRP. Practically no carbon footprint. It’s not mined.
Posted on 5/13/21 at 8:47 am to The Maj
quote:
How do they attribute this to Bitcoin?
Huge amounts of electricity are required to mine for bitcoin.
Posted on 5/13/21 at 8:49 am to Bmath
Try reading Elon’s statement again and get back to us.
Posted on 5/13/21 at 8:53 am to Aubie Spr96
Elon owned a shite ton of Bitcoin. I suspect his intention is to sell off, then post shite like this to drive the price down, at which point he will buy again and ride the uptick once more. It's brilliant if you don't mind fricking over a ton of people who are heavily invested.
Posted on 5/13/21 at 8:54 am to LSUnation78
quote:
Try reading Elon’s statement again and get back to us.
So you are deflecting after my response to the OP's straw man argument? Is he indeed not aware of how the current electrical grid works? LINK
Reevaluate the statements and get back to us.
Posted on 5/13/21 at 8:55 am to Bmath
quote:
It's been known for a longtime now that Bitcoin mining is incredibly energy intensive.
Its not though. Its one of the few things that burns energy to create value. Everything else in your home creates no value. Literally. All you do is watch TV and kill the environment with no value add!
This post was edited on 5/13/21 at 8:56 am
Posted on 5/13/21 at 8:57 am to LSUnation78
quote:
Its also really well known that a huge portion of the electricity used for bitcoin farms is currently coming from hydroelectric....
California is connected to a lot of hydro, but last summer they ran short.
If those crypto miners had not been there, Californians might have had power for their homes.
Posted on 5/13/21 at 8:57 am to JayDeerTay84
And that energy cost is part of its value. If it was free to mine, then everyone would do it, and it would have no value.
The value of the Dollar is tied to oil, and also to the military might of the United States. What is the carbon footprint of that?
The value of the Dollar is tied to oil, and also to the military might of the United States. What is the carbon footprint of that?
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