7.6 C
New York
Thursday, March 28, 2024

Elon Musk Abruptly Stops Accepting Bitcoin to Pay for Tesla Cars. Did He Learn that Bitcoin Uses More Electricity Per Year than Sweden or Malaysia?

Courtesy of Pam Martens

Bitcoin Energy Use

By Pam Martens and Russ Martens

Elon Musk, CEO of Tesla

Elon Musk, CEO of Tesla

After just 49 days of wedded bliss, Elon Musk is divorcing Tesla from accepting payment for its cars in Bitcoin. It was just March 24 that Musk first Tweeted that Tesla would start accepting payment for its cars in Bitcoin. What caused the abrupt flip-flop?

Elon Musk claims he wants to move the world toward a more environmentally sustainable future. Bitcoin is a sharp contradiction to that position.

Terawatt-hours (TWh) are a standard unit used to measure electricity consumption. According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Bitcoin is consuming more terawatt-hours than Sweden or Malaysia and close to the consumption of Egypt (a nation of 104 million people). (See chart above from CBECI.)


Continue Here

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,450FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x