Bitcoin
Bitcoin loses 6% in an hour after Tesla drops payments over carbon concerns
Bitcoin has shed nearly 6% in an hour after Tesla suspended its support for payments in BTC.
“We are also looking at other cryptocurrencies that use
On social media, many within the crypto community have contradicted Musk and Tesla’s assertion regarding the environmental impact of Bitcoin mining, with Twitter use “The Wolf of All Streets” noting that “miners primarily use renewable energy.”
However while the 3rd Global Cryptoasset Benchmarking Study by the University of Cambridge in October 2020 showed that up to 76% of cryptocurrency mining uses some renewable electricity, it estimated only 39% of the total power consumed by Proof of Work cryptocurrencies was green energy.
As of this writing, BTC has crashed roughly 6% in the past hour, tumbling from $54,800 to roughly $51,600.
