Elon Wants Cleaner Crypto Mining  
Posted 14,June

By Chaveendra Dunuwille

In Local News

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Bitcoin and many other crypto currencies seem to have a love hate relationship  with Tesla and Space X founded Elon Musk and the most recent tweets show  signs of the relationship getting better.  

Recently via his official twitter page Elon Musk announced that Tesla was no  longer open to purchases made via crypto currency criticizing the industry as  energy hogs contributing to global warming. This criticism was taken quite  seriously as it led to series of investigations by the United States Securities and  Exchange Commission which saw the price of Bitcoin start to tumble down.  

Some of you might wonder how exactly mining crypto currency contributes to  global warming. We must not forget that mining requires a significant amount of  energy which miners have obtained by the consumption of fossil fuels & as a  result similar to its real world counterpart it greatly effects the environment. The  Cambridge Centre for Alternative Finance concluded that currently only 39% of  crypto mining is done by renewable energy, primarily hydroelectricity. 

But all is not lost as the Tesla CEO pointed out in his latest tweet stating that  he would allow for Tesla products to be purchases by Bitcoin once again if the  industry makes a commitment to carry out its mining operations with a 50%  utility of renewable energy sources. The latest announcement sparked  confidence in investors once again resulting in a 9% increase in the value of  crypto currency to trade at $39 580.