Bitcoin Advocates On Twitter Challenge Elon Musk Comments on Bitcoin Mining
Following a fire incident on a gas pipeline at the Gulf of Mexico, a challenge has been thrown at Tesla’s CEO, Elon Musk to repeat a statement he made about top crypto asset, Bitcoin, and the environmental hazards mining it poses, according to him. The fire outbreak dubbed ‘Eye of Fire’ occurred after a gas leak on a pipeline belonging to a gas company, Pemex. The fire was put out a few hours later.
Despite it being an unrelated issue, the incident has spurred reactions from some members of the crypto community as they cast their minds down memory lane to Elon Musk’s comments on Bitcoin mining. Elon Musk had expressed concerns in May about environmental pollution resulting from mining operations. In fact, it was on this basis that Tesla had discontinued receiving payments in Bitcoin for its electric vehicles. Elon’s comments at the time unleashed bears on the crypto market.
Bitcoin is Not Bad For The Environment, Says Bitcoin Enthusiasts
Some Bitcoin advocates had made a comparison between the digital asset and Petrodollar saying Bitcoin mining does not cause environmental damage as claimed, citing the Gulf of Mexico fire incident. The comparison is a pointer to the battle of supremacy between fiat currencies and digital assets. One of the advocates, @LilMoonLambo mocked the speculations against Bitcoin mining while tagging Elon Musk in his tweet-
‘The Petrodollar is literally boiling the ocean.
But @elonmusk tell us more about how #Bitcoin is bad for the environment.’
Similarly, China had sent Bitcoin miners packing on the basis of carbon pollution from their operations. The Asian country began the crackdown on miners in May forcing them to leave the country in droves. According to reports, China plans to ‘go green’ by 2060, hence its harsh regulations against miners. Following the ban, miners have been reportedly migrating to regions like Texas, Kazakhstan, Serbia and Iran to resume their operations. This caused a drop in the global mining hash rate.
BMC’s Report Reveals 56% of Mining Energy Renewable
While the back and forth on mining is ongoing, the Bitcoin Mining Council, which was set up in May has revealed in a new report that about 56% of mining hash rate comes from renewable energy, contrary to initial claims. The data used in arriving at the figure was obtained from industry participants. The council’s head, Michael Saylor, had commended the efforts and willingness of mining companies to be part of the survey. He, however, called for more openness and awareness, saying it would help unpack the mining industry and erase speculations about the industry.
This revelation is a milestone for the cryptocurrency industry and could see more adoption of digital assets. Shortly after announcing the discontinuance of Bitcoin payments, Elon had given a rider saying they will be resumed if 50% energy is from clean sources.
With the report of the BMC, Tesla may eventually fulfill its promise. There may be an increase on the hash rate in the coming months as other renewable sources of energy are being considered. El Salvador is looking at using volcanoes for mining operations while American City, Miami is banking on its cheap nuclear energy.
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