Tesla founder Elon Musk took another attack on cryptocurrencies, including bitcoin, in his own style. He said that this is not the real economy.
Bitcoin mining consumes a lot of energy. Keeping this fact in front, Elon Musk had said recently that Tesla will no longer accept payment in bitcoin. Since then there has been a huge decline in bitcoin and it is struggling at the level of 35 thousand dollars. On the other hand, keeping in mind the energy consumption, Twitter founder Jack Dorsey has also made a big announcement for bitcoin.
Jack Dorsey’s financial company Square has decided to build a solar power-based bitcoin mine at a cost of $5 million or 350 million. Meaning the mining of bitcoin will be done from solar energy. Regarding this project, the company will prepare a dashboard under which one can find out at real time how much energy consumption is there and how much bitcoin has been mined.
So far everything was going well in the world of cryptocurrency. Suddenly, on May 13, Elon Musk made a tweet and cited a report that said that the amount of energy used in bitcoin mining is more than the annual energy consumption of many countries. This is not good for our environment. Since then the issue of cryptocurrency mining and energy consumption has been heated.
The Chinese government is also very serious about energy consumption. The People’s Bank of China announced a ban on crypto services last month. After that there was a huge decline in digital currency like bitcoin, ethereum. The Indian government is also against private cryptocurrencies. Announcing the RBI monetary policy, Reserve Bank Governor Shaktikanta Das again said that the Reserve Bank is firm on its stand on cryptocurrencies and it is against it.
Talking about Elon Musk, he has been seen against cryptocurrency for some time now. On June 6, he made a tweet and said that goods and services are the real economy. Apart from this, the rupee which is in any other form is only for accounting. Another bad news for cryptocurrencies came from China last week. Chinese social media app Weibo has blocked some crypto influencers for breaking community rules.