Hi, You are watching ‘Go Green with Kalkine’. Let’s discuss how Musk’s statements have affected share prices, investors’ behaviour and other trends in the Bitcoin world. In a recent Twitter spat between Tesla boss Elon Musk, and Director of Research at ARKInvest Brett Winton, Musk said that Bitcoin miners should audit and show just how much consumed energy is derived from renewables.
How did the Twitter spat begin? Brett Winton tweeted - “Previously, we demonstrated how bitcoin mining could allow solar plus battery systems to economically scale to provide a larger share of grid energy.” To Brett’s tweet, Elon Musk replied - “I agree that this *can* be done over time, but recent extreme energy usage growth could not possibly have been done so fast with renewables.” Environmental impact of Bitcoin mining: The Bitcoin ecosystem is heavily resource-based.
The computers that are used for Bitcoin mining runs on high-power processors. These processors are highly energy-intensive. The Cambridge Bitcoin electricity consumption index says that the total energy consumed by the Bitcoin mining process could reach almost 112 Terawatt-hour in 2021. The biggest fear is that if Bitcoin mining increases, the global temperature could go beyond 2C within less than three decades.