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The real price of the bitcoin gold rush

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The real price of the bitcoin gold rush
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With international focus on sustainability sharpening, the energy consumption of the world’s first ever popular virtual currency, bitcoin, is being put under the microscope. Its most vehement detractors argue bitcoin uses an unjustifiable amount of energy,
and represents a thorn in the side of the wider green transition. Bitcoin’s advocates, on the other hand, claim this is an oversimplification, and measures can be taken to ensure the blockchain network becomes sustainable long-term. ....

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Elon Musk admits Bitcoin is an environmental threat – but what about cars?

You can no longer buy a Tesla with cryptocurrency, but buying a new car was never the greenest activity. ....

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After Musk Bitcoin U-turn, which coins are more climate friendly?

Yet Bitcoin is far from the only environmental villain in the crypto space. There are plenty of other tokens that also rely on energy-sucking proof of work (PoW) consensus mechanisms to validate transactions and mint new coins.
PoW requires a decentralised network of mining rigs – sometimes made up of thousands of computers labouring in unison – to solve complex math problems in a race to verify transactions to win new Bitcoins.
Not all virtual coins use PoW, but all of the most energy-consumptive do.
Many experts say proof of stake can offer the crypto sector a dramatically greener future. The biggest coins using that consensus mechanism which relies on larger coin owners to validate blockchain transactions are Binance Coin, Cardano, Polkadot, Stellar and Solana. ....

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Bitcoin Value Plummets as Elon Musk Defects Over Energy Consumption

Can Elon Musk’s Bitcoin Betrayal Expose the Grift of Cryptocurrency?
The Tesla executive’s reversal affirms that Bitcoin is an environmentally wasteful multilevel marketing scheme. But the true believers won’t hear it.
Scott Olson/Getty Images
It’s a dark day on meme street. Elon Musk, one of Bitcoin’s high priests, seems to have turned against the cryptocurrency, sending its value tumbling more than 10 percent and calling into question an economic model that had depended on the public support of megamoguls to keep crypto prices frothy.
Here’s how the betrayal went down. On Wednesday evening, Musk, who in recent months has been a manicbooster of the cryptocurrencies Bitcoin and Dogecoin, tweeted an announcement that Tesla would no longer be accepting Bitcoin for vehicle purchases. ....

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Elon Musk issues blow to bitcoin as Tesla backs away from crypto purchases

Elon Musk issues blow to bitcoin as Tesla backs away from crypto purchases
Image: © Ascannio/Stock.adobe.com
The price of bitcoin plunged following the Tesla CEO’s announcement that the company would no longer accept the cryptocurrency as payment.
Electric vehicle-maker Tesla caused a stir when it announced earlier this year that it would begin accepting bitcoin for car purchases.
In February, the company said it had bought $1.5bn in bitcoin and that it could go on to acquire and hold more digital assets.
However, three months down the line, the company has pulled back on the cryptocurrency, announcing this week that it will no longer accept bitcoin for payment. ....

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