How Bitcoin Uses Fossil Fuels As Elon Musk Says Tesla No Longer Accepting the Crypto
On 5/13/21 at 5:21 AM EDT
Tesla CEO Elon Musk has announced that the company will no longer allow customers to pay for cars with bitcoin because of concerns about the cryptocurrency s links with fossil fuels.
In a tweet on Wednesday, Musk, who is also the CEO of SpaceX, wrote that his electric car company had taken the decision in response to the rapidly increasing use of fossil fuels for bitcoin mining and transactions. Mining is the term used to describe how new coins are brought into circulation.
China’s lucrative bitcoin mines risk derailing climate goals
By
AFP | 8 April, 2021
China’s electricity-hungry bitcoin mines that power nearly 80% of the global trade in cryptocurrencies, risk undercutting the country’s climate goals, according to a study in the journal
Nature this week.
Bitcoin and other cryptocurrencies are minted by solving puzzles using powerful computers that consume enormous amounts of electricity – much of it produced by coal plants. The
Nature study found that if left unchecked, China’s bitcoin mines will generate 130.50 million metric tons of carbon emissions by 2024 – close to the annual greenhouse gas emissions from an entire country like Italy or oil-rich Saudi Arabia.
07.04.2021 China’s bitcoin mining rush risks derailing climate goals
China’s electricity-hungry bitcoin mines that power nearly 80 percent of the global trade in cryptocurrencies risk undercutting the country’s climate goals, a study in the journal
Nature Communications said on Tuesday.
Bitcoin and other cryptocurrencies are minted by solving puzzles using powerful computers that consume enormous amounts of electricity much of it produced by coal plants.
The
Nature Communications study found that unchecked, China’s bitcoin mines will generate 130.50 million metric tons of carbon emissions by 2024 close to the annual greenhouse gas emissions from Italy or oil-rich Saudi Arabia.
Chinese companies with access to cheap electricity and hardware handled 78.89 percent of global bitcoin blockchain operations as of April 2020, the study said.
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