Citing data from the University of Cambridge and the International Energy Agency, Reuters notes that Bitcoin mining requires about the same amount of energy from fossil fuels as that consumed in the Netherlands in the entire year of 2019. Musk doesn’t address criticism on using Bitcoin when its carbon footprint is so huge, which has been leveled at him since two months ago. Still, he does say that Bitcoin transactions will be resumed once “mining transitions to more sustainable energy.”
That said, it’s the final part of his announcement that’s raising some eyebrows. “We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction,” Musk writes. So maybe Dogecoin is the next crypto payment option? It could be.
Earlier this week, Dogecoin became the first cryptocurrency to fully finance a lunar satellite mission that will take place in the first part of 2022. It doesn’t hurt either that it’s backed by Elon himself—and quite publicly so. Also, this week, the CEO was asking his followers on Twitter whether Tesla should consider accepting payments in Doge, and as you can imagine, most agreed that it should.
Within two hours of the tweet below, the price of Bitcoin dropped 17%, from $54,819 to $45,700, hitting its lowest point since March. The Dogefather be like...
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021