• About Us
  • Advertise
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Team
BitcoinNewsUpdates
  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Cryptocurrency News
  • Press Release
  • Price Analysis
No Result
View All Result
  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Cryptocurrency News
  • Press Release
  • Price Analysis
No Result
View All Result
BitcoinNewsUpdates
No Result
View All Result
Home Bitcoin News

Elon Musk Reiterated Commitment to Bitcoin

Alicia Pitre by Alicia Pitre
July 22, 2021
in Bitcoin News
0
Elon Musk Reiterated Commitment to Bitcoin

Elon Musk, a well-known business tycoon, has recently said that his company Tesla will again resume accepting Bitcoin as a mode of payment if the cryptocurrency improves on its environmental credentials. The owner of SpaceX emphasized that Tesla stopped accepting Bitcoin because of the huge energy required for mining the cryptocurrency.

Earlier in February this year, Tesla announced that it would start accepting Bitcoin as one of the legitimate payment methods for its electric cars. Soon, the company withdrew its decision citing the large carbon footprints associated with Bitcoin. It is also important to note that in the same month of February 2021, Tesla invested a huge amount of $1.5 billion in Bitcoin, which led to the unprecedented boost in the value of Bitcoin, the largest cryptocurrency by market capitalization. However, the currency cannot sustain the momentum as many headwinds, including the heavy energy required for its mining, took the wind out of its sails.

The primary reason behind heavy energy usage is the consensus protocol used by Bitcoin called proof-of-work. Even the second-largest cryptocurrency, Ethereum, works on the same principle. The proof-of-work requires miners to solve very complex problems, which, in turn, mandates the use of large computers with high processing capacities.

Bitcoin mining firms are very large in size and scale of operations and run thousands of high-capacity hardware and software to solve the problems required for mining Bitcoin. In order to run these operations, an enormous amount of electricity and power resources are required, and this is exactly why Bitcoin mining is a contentious issue – especially from the viewpoint of the environment. In comparison to proof-of-work, another consensus mechanism for mining digital currencies is proof-of-stake which is quite energy efficient and requires very little electricity to support its operations.

It is unlikely that Bitcoin will make a transition from proof-of-work to the proof-of-stake mechanism. Efforts are already underway to replace the sources of energy that support the mining operations of Bitcoin from non-renewable to renewable. Elon Musk has assured that in case Bitcoin reaches a target of 50% mining from renewable energy sources, his company will again start accepting the digital currency as one of the payment methods for purchasing its electric cars. This announcement is in line with his previous tweet in June wherein he said that if Bitcoin miners confirm that 50% of the energy for Bitcoin mining has come from renewable sources, Tesla will again start accepting Bitcoin as a payment method for its cars.

Previous Post

MEXC Global Adds USDT and USDC Support on Algorand

Next Post

Ridotto and Moralis Announce Their Partnership

Alicia Pitre

Alicia Pitre

Alicia Pitre has completed her graduate degree in journalism and now working at BitcoinNewsUpdates as a news writer. She is very passionate about her profession. She always writes informative articles about cryptocurrencies, market updates, use cases of blockchain technology, and much more.

Next Post
Ridotto and Moralis Announce Their Partnership

Ridotto and Moralis Announce Their Partnership

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Buy Dogecoin with Paypal

Why Is Dogecoin Becoming Popular? Can I Buy It With Paypal?

March 16, 2021
Holo (HOT) Token Shows Signs of an Evolving Buying Trend

Holo (HOT) Token Shows Signs of an Evolving Buying Trend

March 23, 2022
Experts Say the Bitcoin Would Go back

Know Why Some Experts Say the Bitcoin Would Go back Below $4,800 in A Few Weeks

July 2, 2020
Amazon

Shop on Amazon and Pay with your Cryptocurrencies

March 1, 2021
CoinGecko to Enter Non-Fungible Token Space

CoinGecko to Enter Non-Fungible Token Space

0
Ethereum (ETH) and Ripple (XRP) Now Available to Trade on OTC Trading Desk of Coincheck Exchange

Ethereum (ETH) and Ripple (XRP) Now Available to Trade on OTC Trading Desk of Coincheck Exchange

0
Bitcoin SV

The largest Crypto exchange in the World Delists Bitcoin SV

0
Bitcoin Treasure Hunt

How World is Getting Ready For 1m Bitcoin Treasure Hunt

0
Explore Top Jobs & Opportunities in Growing Blockchain Industry

Explore top jobs & opportunities in growing blockchain industry

May 12, 2023
US crypto exchanges see rising trend of crypto lending and borrowing

The increasing trend of crypto lending and borrowing services on US-based crypto exchanges

March 29, 2023
How to Choose the Best Crypto Exchange in Australia?

How to Choose the Best Crypto Exchange in Australia?

February 27, 2023
Trading Bots gain popularity amidst the Crypto market recovery

Trading Bots gain popularity amidst the Crypto market recovery

February 21, 2023
BitcoinNewsUpdates

BitcoinNewsUpdates is offering quality news articles about world's most popular cryptocurrency - Bitcoin. Stay tuned with us to gain insight into the world of cryptocurrencies. We are the leading source to stay informed regarding world of Crypto.

Email: editor@bitcoinnewsupdates.org

Follow Us

Explore Top Jobs & Opportunities in Growing Blockchain Industry
Blockchain News

Explore top jobs & opportunities in growing blockchain industry

Crypto jobs are in high demand right now. There are countless opportunities for individuals like you to participate in developing ...

May 12, 2023
US crypto exchanges see rising trend of crypto lending and borrowing
Cryptocurrency News

The increasing trend of crypto lending and borrowing services on US-based crypto exchanges

Crypto lending and borrowing services are essentially banking services for the crypto community. A blend of growing interests and increased ...

March 29, 2023
How to Choose the Best Crypto Exchange in Australia?
Cryptocurrency News

How to Choose the Best Crypto Exchange in Australia?

Research and Compare Different Crypto Exchanges in Australia Like several other countries in the world, Australia has recently become a ...

February 27, 2023
Trading Bots gain popularity amidst the Crypto market recovery
Blockchain News

Trading Bots gain popularity amidst the Crypto market recovery

The cryptocurrency industry witnessed a substantial decline in 2022 by over 70% from the previous peak in November 2021. Bitcoin ...

February 21, 2023
MicroStrategy Buys 301 More Bitcoins, Worth $6 Million
Bitcoin News

MicroStrategy Buys 301 More Bitcoins, Worth $6 Million

Despite the ongoing market downturn, MicroStrategy has purchased a fresh batch of Bitcoin FOR $6 million. A $6 million purchase ...

September 21, 2022

Recent News

Explore Top Jobs & Opportunities in Growing Blockchain Industry

Explore top jobs & opportunities in growing blockchain industry

May 12, 2023
US crypto exchanges see rising trend of crypto lending and borrowing

The increasing trend of crypto lending and borrowing services on US-based crypto exchanges

March 29, 2023
How to Choose the Best Crypto Exchange in Australia?

How to Choose the Best Crypto Exchange in Australia?

February 27, 2023

Categories

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Cryptocurrency News
  • Press Release
  • Price Analysis
  • About Us
  • Advertise
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Team

Copyright © 2023. BitcoinNewsUpdates. All Rights Reserved.

No Result
View All Result
  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Cryptocurrency News
  • Press Release
  • Price Analysis

Copyright © 2023. BitcoinNewsUpdates. All Rights Reserved.