fbpx
Skip to content Skip to sidebar Skip to footer

Michael Saylor Debunks Elon Musk’s Stance on Bitcoin’s Fossil Fuel Consumption

Elon Musk’s company Tesla has revealed that it will no longer be accepting Bitcoin as a mode of payment due to the use of fossil fuel in bitcoin mining, which goes against the company’s sense of environmentalism. This highly disruptive news has caused bitcoin to tank significantly.

Founder of MicroStrategy, Michael Saylor, rebutted the tweet above by saying that incremental energy is not used in any of the bitcoin transactions.

Saylor said that the energy is mainly used to “secure the crypto-asset network” and that the net impact on fossil fuel consumption will eventually turn negative.

Last week, Saylor commented on talk show host Bill Maher’s disparaging remark regarding bitcoin and other cryptocurrencies — the latter calling the digital currencies environmentally-harmful “Ponzi schemes”.

Saylor stated that the world produces 160,000 TWh each year, and 30% of said energy (amounting to 50,000 TWh) is left unused. He added that the entire bitcoin network only uses 120 TWh from the wasted energy.

In midst of the Bitcoin (BTC) market crash, Saylor’s MicroStrategy reveals its purchase of $15 million in BTC at an average price of $55,387 per BTC. As of now, MicroStrategy has spent a total of $2.24 billion on the 91,850 BTCs that are stored in its holding, with each BTC priced at $24,403 on average.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us