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Documentary Film This Machine Greens Explores A Positive Role for Bitcoin In Clean Energy Production

Documentary Film This Machine Greens Explores A Positive Role for Bitcoin In Clean Energy Production
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Bitcoin mining: How Elon Musk's 'potentially promising' solution to climate woes could already exist

“Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use
His latest pronouncement has been met with an exasperated response from cryptocurrency investors like Magnetic managing director William Quigley, who implored people to ignore Musk’s contradictory pronouncements on the subject, which have veered far from his previously wild enthusiasm for the likes of dogecoin.
But there is no question that the Tesla boss is right to voice his concern about the unsustainable environmental impact of bitcoin mining, which climate scientists have warned could push global warming above 2C in just two decades.

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Is the Bitcoin-Ethereum 'Flippening' a Likely Scenario?

It has been a bad week for the crypto space. Elon Musk is widely believed to play a major role in crashing Bitcoin’s price by $12k when he tweeted that Tesla will no longer be accepting Bitcoin. He framed this backtracking as an environmental concern due to the high levels of energy consumption required in Bitcoin mining. As a result, this had a cascading effect on almost all altcoins with very few exceptions.
To set the record straight, it is very difficult to portray Bitcoin as an ecological problem. Not only do miners use renewable sources at a rate over 70% across all continents, but when put into context with other sectors, Musk’s notorious tweet makes even less sense.

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Bitcoins energy consumption: Everything you need to know

Bitcoins energy consumption: Everything you need to know
Wind turbines in Belgium. Wind turbines currently produce the cheapest electricity in the world.
picture: keystone
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17.03.21, 10:39 18.03.21, 13:06
Patrick Toggweiler
How much power does the Bitcoin network consume right now?
Cryptomining in the Swiss village of Gondo 2018, image: keystone
picture: KEYSTONE
Bitcoin's power consumption depends on the hardware used for it. Newer mining hardware consumes less electricity than old hardware relative to the mining power (so-called hash power). However, only the mining power generated by the entire system can be measured. This is currently 154.0 EH/s (154 quintillion hashes per second).

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