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Musk says Tesla will not accept Bitcoin, citing climate concerns Automotive news
Citing concerns about the carbon footprint of Bitcoin mining, Elon Musk tweeted on Wednesday that purchases of Telsa vehicles are being suspended with cryptocurrency.
Tesla has suspended vehicle purchases using Bitcoin, citing concerns about the impact of cryptocurrencies on the climate, company CEO Elon Musk announced on Twitter on Wednesday.
“We are concerned about the rapid increase in the use of fossil fuels in Bitcoin mining and transactions, especially coal, which has the worst emissions of all fuels,” Musk wrote.
Bitcoin, the world’s largest digital currency by market capitalization, fell nearly 8 percent after tweeting according to Coinbase data.
NFTs are shaking up the art world. They may be warming the planet, too
29 Apr, 2021 11:47 PM
8 minutes to read
An NFT is a piece of artwork stamped with a unique string of code, but the coding process comes with enormous greenhouse-gas emissions. Photo / 123RF
An NFT is a piece of artwork stamped with a unique string of code, but the coding process comes with enormous greenhouse-gas emissions. Photo / 123RF
New York Times
By: Hiroko Tabuchi
When Chris Precht, an Austrian architect and artist, first learned about nonfungible tokens, the digital collectibles taking the art world by storm, he was so enthralled, he said, he felt like a little kid again .
Citigroup found that Bitcoin mining now uses 66 times more electricity than in 2015 and carbon emissions from the process may face increasing regulation, Bloomberg reported.
The enormous amounts of energy needed to mine Bitcoin have been blamed for causing power cuts in Tehran as recently as January, and led to increasing competition in so-called green mining, which uses renewable energy sources to mine cryptos.
The researchers at Cambridge, who have endeavoured to provide a real-time estimate of the total electricity load and consumption of the Bitcoin network, say the model is based on an estimate, given that the exact electricity consumption cannot be determined.
In Coinbase’s rise, a reminder: Cryptocurrencies use lots of energy
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Last Updated: Apr 15, 2021, 08:58 AM IST
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Coinbase is a startup that facilitates the buying and selling of cryptocurrencies like Bitcoin.
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By Hiroko Tabuchi
The stock market debut of Coinbase, a startup that facilitates the buying and selling of cryptocurrencies like Bitcoin, is a watershed moment for digital money.
It also threatens to lock in a technology with an astonishing environmental footprint.
Cryptocurrencies use blockchain technology, which relies on specialized computers racing to solve complex equations, making quintillions of attempts a second to verify transactions. It’s that practice, called “cryptomining,” that makes the currencies so energy-intensive.