Elon Musk hits back at Kraken CEO’s claim that bitcoin is greener than people say – renewing his criticism of the cryptocurrency | Currency News | Financial and Business News
Elon Musk has hit the head of the crypto exchange Kraken, who said Bitcoin is “a lot greener than people think it is”.
In response to the statement on Twitter, Musk said: “Based on what data?”
It marked a renewal of Musk’s argument with crypto-narrowers about Bitcoin, which he said is environmentally harmful because of its environmental impact “insane” energy consumption needed for the computing work that secures the network and creates new coins.
In May, Musk said his electric car company would be Tesla stop accepting bitcoins as payment for his products. It was a major U-turn from a person and a company who had previously praised the token and sparked a sharp drop in prices.
Bitcoin fans, including Kraken CEO Jesse Powell and MicroStrategy boss Michael Saylor, have criticized Musk’s position. They argue that an increasing proportion of bitcoin “mining” is done using renewable energy.
Powell related Bloomberg TV on Thursday that Musk has “more to study” on the subject.
Musk’s powerful response showed that the dispute among some of Bitcoin’s most iconic figures is far from over.
A 2019 study by Cambridge University found that 39% of bitcoin mining uses renewable energy as the primary source of energy. However, most of the bitcoin mining takes place in China. according to Bank of Americawhere coal is the main source of energy.
Musk said Tesla would last week Resume Bitcoin Transactions when the miners started using around 50% green energy.
Bitcoin was trading at around $ 39,190 on Thursday, up 1.7% over the day but well below April’s record high of nearly $ 65,000.