Crypto Crash or Correction? What is driving the global sell-off? medianama.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medianama.com Daily Mail and Mail on Sunday newspapers.
Tesla CEO Elon Musk on Thursday clarified his thoughts on cryptocurrencies after comments he made earlier in the week have been credited with sending the markets lower.
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I hope you like Mexican food, because today s news is spicy. On the menu, a bit of crypto-pollution and a nice deep pass for Elon on Bitcoin. Then, let s take a closer look at Western countries dependence on China for rare metal supplies, which could hamper electric vehicle manufacturers.
Crypto-sourcing
Bitcoin consumes more electricity than many countries on the planet. According to the Bitcoin Electricity Consumption Index, the mining of the leading cryptocurrency would consume 143 terawatt hours. That s more than Norway (124Twh), Belgium (82 Twh) or Switzerland (56 Twh). Another comparison by Visual Capitalist shows that the Bitcoin network is also much more energy intensive than the world s largest tech companies: twelve times more than Google and twenty-eight times more than Facebook for example.