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.
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