Showing posts with label Bitcoin. Show all posts
Showing posts with label Bitcoin. Show all posts

Friday, January 14, 2022

Jack Dorsey’s Block Is Developing An Open-Source Bitcoin Mining System

Block, previously known as Square, has confirmed plans to build an open-source Bitcoin mining system to making cryptocurrency mining more accessible. CEO Jack Dorsey previously laid out his vision for this system back in October, and now it seems that his company is working towards making it a reality.

Block’s general manager for hardware, Thomas Templeton, explained the company’s plans, saying that its goal is to “make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining.” Previously, Dorsey claimed that the system would be based on custom silicon and open-source for individuals, as well as businesses.

Templeton went on to say that the system will tackle the issue of availability, saying that not everyone can afford a mining rig and that delivery is unpredictable. Block also plans on making its system able to last longer than mining rigs, be more power efficient, and not become a noise pollutant.


Dorsey, who recently left his role at Twitter, is a vocal proponent of blockchain technology, hence Square’s name change to Block. The company lets users buy and sell Bitcoin through its subsidiary, Cash App, and is also working on a physical Bitcoin wallet. With cryptocurrency being on a decline as of late, only time will tell if Dorsey’s big bet will pay off.

Wednesday, September 8, 2021

El Salvador Adopts Bitcoin As Official Currency; Chaos Ensues, Value Plunges

After passing legislation to make Bitcoin a legal tender, El Salvador yesterday officially implemented the cryptocurrency as an official currency in the country alongside the U.S. Dollar. President Nayid Bukele tweeted just before midnight local time, celebrating the occasion as a part of history. Earlier that day, Nayid announced that the country had bought an additional 200 Bitcoins.

Following the adoption, more than 1000 people marched in El Salvador’s capital to protest the adoption of the digital coin as legal tender. Tyres were burned and fireworks were set off in front of the Supreme Court building, causing the government to deploy heavily militarised police. “This is a currency that’s not going to work for pupusa vendors, bus drivers, or shopkeepers,” said a San Salvador protestor. The Bitcoin legislation allow Salvadorans to pay taxes in Bitcoin and conduct business and trade using the digital currency. Additionally, the currency will not be subject to capital gains tax.


To prepare for the implementation, El Salvador had installed 200 Bitcoin ATMs that would allow its citizens to convert the cryptocurrency into U.S. dollars and withdraw it in cash. The country also developed its own digital wallet called Chivo, which means “cool“, and promised USD$30 (~RM124) for each user. However, when citizens tried to install it yesterday, they found that it was unavailable on the Apple and Huawei app stores. Huawei and Apple later added the app by afternoon, with big chains such as Starbucks and McDonalds announcing that they have started accepting Bitcoin.

That being said, the official digital wallet seemed to not be able to handle the flood of new registrations and was temporarily unplugged. Bukele blamed the overload on the app stores and says that sign-ups will soon re-open. The price of Bitcoin plunged Tuesday morning, from USD$50000 (~RM207900) to USD$43000 (~RM178794), due to the uncertainty and technical issues of the adoption, causing crypto exchanges like Coinbase and Kraken to be overwhelmed with transactions.

In a bold move, Bukele bought another 150 Bitcoins during the price dip, worth around USD$7 million (~RM29.1 million) at the time, increasing the state’s holding to a total of 550. Crypto platform Bitso announced that it would be the official service provider for Chivo moving forward, working with Silvergate Bank – a U.S. federally-regulated and California state-chartered bank – to facilitate transactions in U.S. dollars.

Those who support the move say it will cut the fees Salvadorans abroad pay to send money to their families back home. In 2020, Salvadorans sent home almost USD$6 billion (~RM24.9 billion) from overseas, mostly from the United States. The sum is equivalent to almost a quarter of the country’s gross domestic product. When the legislation was passed, the populist president assured its citizens that the use of Bitcoin would only be optional and said salaries and pensions will continue to be paid in U.S. Dollars.

Thursday, July 22, 2021

Square Wants To Build Hardware Wallet For Bitcoin



Square, the US-based financial services and digital payments company, announced that it is planning on building a hardware wallet for Bitcoin. The announcement was made earlier today by Jesse Dorogusker, CEO of Square, via his official Twitter account.

Dorogusker’s decision supposedly comes about a month after Jack Dorsey, CEO of Twitter and Bitcoin enthusiast, announced that he, too, was interested in creating a Bitcoin hardware wallet, but failed to specify an exact timeline for his project. Dorogusker says that this led to several questions over Dorsey’s tweet popping up on Twitter, which prompted him to make the decision and figure out where to go from there.

That isn’t to say that this is Square’s first foray in creating a Bitcoin-centric product; since 2018, the CEO’s company already operates its self-titled Square Cash App, which is accessible across all 50 states in the US. Getting back on point, Dorogusker also said that he and Square will be taking questions about the project, but made no promises and deadlines as to when the digital wallet would be ready. That said, it will be interesting to see what comes out of this.

Sunday, July 4, 2021

Trump Calls Bitcoin A Scam, Claims It Competes With The US Dollar


Former US President Donald Trump has described bitcoin as a “scam” and claimed that the cryptocurrency competes with the US dollar. Unsurprisingly, he said he wanted the dollar to be “the currency of the world”.

“Bitcoin, it just seems like a scam,” Trump said on Fox Business, according to the BBC. “I don’t like it because it’s another currency competing against the dollar.”

This isn’t the first time that the controversial “America First” politician has spoken against cryptocurrency. In 2019, back when he was US president, he slammed cryptocurrencies, including Facebook’s proposed digital coin Libra.

According to Reuters, he wrote on Twitter, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Trump, of course, is now banned from the social media platform due to his public support for insurrectionists who attacked the US Capitol on 6 January.


While his claim that bitcoin competes with the US dollar will certainly be disputed by experts, he’s not alone in carrying a dim view of cryptocurrencies. Bank of England Governor Andrew Bailey said cryptocurrencies “have no intrinsic value” and pointedly told potential investors to “buy them only if you’re prepared to lose all your money.”

Ironically, Trump’s archnemesis, China, has embarked on a massive clampdown on cryptocurrency even though the country is a major global hub for bitcoin mining. Furthermore, crypto-enthusiast Elon Musk’s Tesla pulled an awkward 180 on its decision to accept bitcoin as payment for its cars.

Sunday, June 20, 2021

El Salvador Approves Bitcoin As Legal Tender In Historic Legislative Vote


The tiny Central American country of El Salvador has become the first in the world to adopt bitcoin as legal tender after its Congress voted overwhelmingly (62 out of 84 lawmakers) in favour of it.

“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” read the so-called Bitcoin Law proposed by El Salvador President Nayib Bukele, according to CNBC.

The approved law means that, going forward, prices can be shown in bitcoin and taxes and be paid with the cryptocurrency, CNBC said. Additionally, bitcoin transactions will not be subject to capital gains tax. El Salvador currently uses the US dollar as its official currency, and the law stated that the exchange rate with the dollar “will be freely established by the market.”


Aimed at boosting financial inclusion, the law reportedly noted that roughly 70% of the country doesn’t have access to traditional financial services. It said the government will provide the “necessary training and mechanisms” for bitcoin access.

That’s a bit of good news for bitcoin, which has been reeling from the news of China’s clampdown on cryptocurrency and Tesla’s 180 on its decision to accept bitcoin as payment for cars. Powerful institutional actors like the Governor of the Bank of England and populist nationalists like Donald Trump have also taken a dim view of cryptocurrency.

Saturday, June 19, 2021

Musk Says Telsa To Accept Bitcoin Again When Miners Use More Clean Energy


Tesla CEO Elon Musk tweeted that the company will return to accepting bitcoin as payment when the cryptocurrency’s miners use more clean, environmentally friendly energy. The crypto-enthusiast and environmentalist has seen his core passions collide with one another.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said on Twitter. According to Reuters, bitcoin rallied over 9% after the post.

CNBC said the billionaire was responding to pointed remarks from Magda Wierzycka, the CEO of South African asset manager Sygnia, who accused him of manipulating the price of bitcoin. Previously, Tesla bought US$1.5 billion (~RM6.2 billion) worth of bitcoin and later said it would accept the digital currency as payment for cars.

That policy was abruptly reversed last month with Musk declaring that the push for cryptocurrency “cannot come at great cost to the environment.” To be fair to the billionaire, even then, he maintained that Tesla will accept bitcoin transactions again when miners transition to “more sustainable energy.”

Of course, that statement as well as his latest one raise more questions than answers. Given the tremendous power demands of bitcoin mining, is that transition to cleaner energy even possible? Wouldn’t that require national-level, government-driven efforts to move away from ‘dirty’ energy sources like coal? Why seemingly put the onus on miners and how long would that transition take?

Finally, the billionaire-dollar question: Can enthusiasm for bitcoin be sustained until then?

Monday, May 17, 2021

Elon Musk’s Tesla Reverses Decision To Accept Vehicle Purchases By Bitcoin


Tesla CEO Elon Musk announced by tweet that the company will not be accepting payment for its vehicles by bitcoin (at least for now), reversing a high-profile company policy announced in March.

Musk, a prominent crypocurrency enthusiast, further tweeted, “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal.” Bitcoin mining has often been criticised for its staggeringly high energy costs, which in turn generate more carbon emissions that contribute to climate change.

Musk himself tweeted a chart of bitcoin’s electricity consumption:



Many have highlighted the billionaire entrepreneur’s apparently contradictory support for both environmental causes and cryptocurrency. One recent study warned that the immense scale of bitcoin mining in China could cause the country to miss its carbon emission reduction goals.

As of April last year, over 70% of the world’s bitcoin mining took place in China. While the country boasts cheaper electricity rates, it’s also known to be reliant on coal power.

Despite warnings about bitcoin’s impact on the environment, Tesla went ahead and bought US$1.5 billion (~RM6.2 billion) worth of bitcoin in February. The following month, it announced it would begin accepting payment for cars made with bitcoin. It’s unclear why Musk (and Tesla management in general) changed their minds now.

Tesla said that it would use bitcoin for transactions “as soon as mining transitions to more sustainable energy.” Earlier this week, Musk celebrated SpaceX’s involvement in a mission to the moon that is fully funded with dogecoin, another cryptocurrency.

Sunday, May 2, 2021

Bitcoin Cash Gets Green Light From Securities Commission As 5th Approved Cryptocurrency

It appears that the Securities Commission (SC) of Malaysia has agreed to give provisional approval for Bitcoin Cash (BCH) in Malaysia. This makes the digital coin the fifth official cryptocurrency that can be traded in the country, alongside Bitcoin, Ethereum, Ripple, and Litecoin.

The revelation of the SC’s decision was made during a live interview session between Chin Wei Min, SC Executive Director for Digital Strategy & Innovation, and Fintech News Malaysia. However, this is something that SC has yet to announce publicly.


Again, the approval is provisional, meaning that there is still a chance that the SC could change its mind on the cryptocurrency. However, if given full approval, the coin will then be available for trading on the three approved crypto exchanges in Malaysia: Luno, SINEGY, and Tokenize.

At the time of writing, the average value of BCH is currently rated around RM3100, while Bitcoin is still sitting above the RM200000 mark, despite having lost 15% of its value earlier this week.

Tuesday, April 27, 2021

Tesla sold bitcoin for $101m profit


 Tesla reported first-quarter results on Monday, including a record quarterly net profit of $438 million on a GAAP basis.

As usual, those profits were buoyed by sales of environmental regulatory credits. But in a new wrinkle this quarter, the company’s sales of bitcoin during the quarter also contributed $101 million toward the bottom line.

In February, Tesla made waves when it announced a $1.5 billion purchase of bitcoin and said it may continue investing in cryptocurrency more broadly.

On Monday, Tesla’s shareholder update revealed that sales of bitcoin made a $101 million “positive impact” to the company’s profitability during the period ending March 31, 2021.

On the company’s cash flows statement for Q1 (page 26), it recorded $1.5 billion in purchases of “digital assets,” as well as $272 million in proceeds from sales of digital assets during the quarter.

Elsewhere (page 5), the company says its profitability was helped from a sale of bitcoin which contributed a $101 million “positive impact, net of impairments, in ‘Restructuring and Other.’” This shows up as a $101 million reduction in operating expenses on the company’s Statement of Operations (page 24).

This suggests that the company quickly flipped some of its big bitcoin purchase for a gain of $101 million, as bitcoin prices rose during the quarter.

As CFO Zachary Kirkhorn said during the earnings call, “Elon and I were looking or a place to store cash” that wasn’t immediately being used to get returns. But they had a need to be able to access their cash quickly too.

“Bitcoin has proved to be a good decision. A good place to put some of our cash that’s not being used for daily operations…and be able to get some return on that.” Kirkhorn added that while they were pleased with the liquidity of the bitcoin market, “It is our intent to hold long-term.”

Tesla does accept bitcoin payments from customers now.

But apart from that, it’s not clear how investments in and use of cryptocurrency serve the mission of Elon Musk’s electric vehicle and energy storage business. The stated mission of Tesla has long been to “accelerate the world’s transition to sustainable energy.”

Vicki Bryan, founder of the bond investment research firm Bond Angle, wrote in an e-mail to CNBC:

“Bitcoin is not fungible or logically advantageous as currency, arguably not safer for the owner vs cash in transactions, and inexcusably damaging to the environment.”

Tesla had historically racked up around $1.6 billion in regulatory energy credits, primarily zero emission vehicle credits, Bryan notes. Credit sales helped Tesla to report more than four consecutive quarters of profitability, qualifying Tesla for addition to the S&P 500 index.

With Tesla’s bitcoin purchases, Bryan says, Tesla is adding a volatile asset with limited reported visibility to financial statements which “already conceal vital clarity of key operations and financial conditions.”

Saturday, April 17, 2021

Cryptocurrency Now Valued At Over US$2 Trillion; Bitcoin And Ethereum Major Contributors


Cryptocurrencies such as Bitcoin and Ethereum have seen their values skyrocket over since last year, with both digital coins now valued at an average of RM240000 and RM8500, respectively.  Little wonder then, that the two coins have played a pivotal part in raising the valuation of cryptocurrency to a whopping US$2 trillion (~RM8.3 trillion).

Aside from Bitcoin and Ethereum, three other coins have also been listed as part of a “top five” cryptocurrencies: Ripple (XRP) with a market cap of US$86 billion (~RM355 billion), Stellar with US$53 billion (~RM218 billion), and Tether at US$43 billion (~RM177.7 billion).

Since October last year, Bitcoin’s value had steadily rallied from an average value of RM50000 to its current six-figure value now. Its rise has been so phenomenal, even tech bigwigs like Elon Musk made a snapshot decision to invest US$1.5 billion (~RM6.2 billion) into the coin and for good measure. He even announced that customers could purchase Tesla’s electric vehicles (EV) via Bitcoin too.


Unfortunately, the cryptoboom also jumpstarted a resurgence in GPU mining that, in turn, has led to cryptominers scouring the planet for every readily available graphics card such as NVIDIA’s current Ampere-powered graphics cards and AMD’s RDNA2 Radeon cards. To make matters worse, there’s also the ongoing chip shortage that has put a crimp into GPU production.

For that matter, NVIDIA is even trying to alleviate the issue by producing its CMP mining GPUs, although procuring said components is proving difficult, as evidenced by the recent seizure by the Hong Kong customs.

Friday, April 16, 2021

Study Claims Bitcoin Mining May Trash China’s Climate Change Goals


The immense scale of bitcoin mining in China may cause the country to miss its carbon emissions reduction goals, warned a recent study published in the peer-reviewed journal Nature Communications. The study pointed out that, as of April last year, over 75% of the world’s bitcoin mining took place in China, which happens to boast cheaper electricity rates and convenient access to manufacturers of the necessary hardware.

Absent government intervention, the study estimated that the annual energy consumption of the bitcoin blockchain in China would peak in 2024 at 296.59 Twh (terawatt hour) – more than the total energy consumption of Italy or Saudi Arabia.

That staggering demand for electricity would accordingly generate 130.50 million metric tons of carbon emission per year. That emission output would then account for approximately 5.41% of the emissions from all electricity generation in China.

According to CNBC, Beijing is aiming to reach peak carbon dioxide emissions by 2030 and carbon neutrality by 2060. Needless to say, the chances of that happening is bleak if this study is to believed.

This is far from the first time that bitcoin mining’s adverse impact on the environment has been highlighted. Cambridge University and the International Energy Agency, reports that cryptomining is expected to generate nearly 30 million metric tons of carbon dioxide per year.

This puts the spotlight on bitcoin enthusiasts like Elon Musk who’s also a champion of environmental causes.

Thursday, March 25, 2021

Elon Musk Says That Tesla Cars Are Now Payable By Bitcoin


Tesla CEO Elon Musk announced by a tweet that the company is now accepting vehicle purchases made with Bitcoin. On social media, the maverick entrepreneur has long been a passionate promoter of cryptocurrencies.

Accordingly, he declared that Bitcoin paid to Tesla would be retained as is and not converted to (traditional) fiat currency. When it comes to processing payments, he said “Tesla is using only internal and open source software, and operates Bitcoin nodes directly.”

Right now, only Tesla’s US customers are allowed to pay with the aforementioned cryptocurrency. Musk also noted that the (Bitcoin) payment option would be expanded outside the US sometime later this year. However, he didn’t provide further details.

Last month, Tesla bought US$1.5 billion (~RM6.2 billion) worth of bitcoin and indicated then that it planned to accept the cryptocurrency as payment for its cars. Now, unsurprisingly, the former’s fortunes may be irrevocably entwined with the latter.

According to CNBC, over the last 12 months, Tesla share prices rose from about US$100 (~RM413) to over US$600 (~RM2,478), while bitcoin jumped from about US$7,000 (~RM28,907) to over US$55,000 (~RM227,123).



In another Tesla-related news, Musk recently denied claims that cameras on Tesla cars were used to spy on the Chinese government. He said the company would “get shut down” if it used cars that way.

Sunday, March 21, 2021

Invest In Bitcoin Safely And Easily With Luno

Have you always wanted to get into investing but think it’s too hard or costly? Or are you a veteran investor who wants to diversify their portfolio? Well, Luno is a digital asset exchange that can help you in both respects.

Through Luno, you can learn about bitcoin (BTC) as well as other cryptocurrencies and then make investments almost straight away in a quick, easy, and safe manner.

How safe, you say? Luno is the first digital asset exchange to be approved by the Securities Commission of Malaysia back in 2019. So you can be assured that it’s legit and subject to our laws and regulations.


Furthermore, if you trade on Luno, you certainly won’t be alone. Luno serves 7 million customers spread over 40 countries. Since being founded in 2013, the exchange has processed more than US$17 billion in transactions.

In Malaysia alone, Luno signed up over 80,000 new customers in 2020. In January this year, thousands of new customers signed up daily due to their interest in bitcoin investment.


You may ask, what’s behind this rush? Well, bitcoin has lately turned into a very hot commodity. It’s a digital asset that functions a bit like gold – some people even refer to it as ‘digital gold’ or ‘Gold 2.0’. You can use it to send money to friends and family, or buy things online.

More importantly, bitcoin works a lot like the Internet in that no single person or entity controls it. So you’ve got plenty of freedom to use it however you wish. Bitcoin is also extremely transparent because each transaction utilises blockchain technology – meaning everything can be tracked and be accounted for.


As mentioned earlier, it’s important to note that Luno also allows you to buy and sell other cryptocurrencies like Ethereum (ETH), XRP and Litecoin (LTC). What’s great about Luno is that you can learn all about them and the basics of cryptocurrency trading on the website itself. Luno provides easily understandable articles, videos, and blog posts that will help you get started however you choose.

Having all these tools at your fingertips is wonderful because, whether you’re a veteran investor or an absolute beginner, you’ll have the ability to diversify your portfolio at all times. We’re all familiar with the proverb “Don’t keep all your eggs in one basket.” So don’t.


Investing in cryptocurrencies means that you’ve hedged against potential volatility in your other investments. And don’t we all need a backup plan in these uncertain times?

And if you’re still jittery about investing, know that you can be notified of major market movements by setting up a Price Alert through the Luno app on your phone. Don’t be caught off guard.

Thankfully, with Luno, keeping track of your various investments has never been easier. Moreover, it’s great to be able to trade at any time of the day or week – the beauty of crypto-markets is that they never close.

Moreover, Luno enables you to buy and sell instantly from as low as RM3 – perfect for keeping pace with spontaneous trends and the busiest of trading hours. Through the Instant Buy/Sell feature, you can start buying and selling from the moment you log in. You can also use the Repeat Buy option to automate your cryptocurrency purchases according to your specified frequency – daily, weekly, monthly, and more.


As you can see, Luno isn’t just a digital asset exchange – it’s also a learning and real-time information hub. It’s really a one-stop centre for all things cryptocurrency, and where better to start if you’re looking to get into the action instantly? You can be a diversified, 21st-century investor too.

So, visit Luno’s website at luno.com/en or download the Luno app on the Google Play Store or the Apple App Store to give it a go and start your crypto trading journey.

Monday, March 15, 2021

Invest In Bitcoin Safely And Easily With Luno

Have you always wanted to get into investing but think it’s too hard or costly? Or are you a veteran investor who wants to diversify their portfolio? Well, Luno is a digital asset exchange that can help you in both respects.

Through Luno, you can learn about bitcoin (BTC) as well as other cryptocurrencies and then make investments almost straight away in a quick, easy, and safe manner.

How safe, you say? Luno is the first digital asset exchange to be approved by the Securities Commission of Malaysia back in 2019. So you can be assured that it’s legit and subject to our laws and regulations.


Furthermore, if you trade on Luno, you certainly won’t be alone. Luno serves 7 million customers spread over 40 countries. Since being founded in 2013, the exchange has processed more than US$17 billion in transactions.

In Malaysia alone, Luno signed up over 80,000 new customers in 2020. In January this year, thousands of new customers signed up daily due to their interest in bitcoin investment.


You may ask, what’s behind this rush? Well, bitcoin has lately turned into a very hot commodity. It’s a digital asset that functions a bit like gold – some people even refer to it as ‘digital gold’ or ‘Gold 2.0’. You can use it to send money to friends and family, or buy things online.

More importantly, bitcoin works a lot like the Internet in that no single person or entity controls it. So you’ve got plenty of freedom to use it however you wish. Bitcoin is also extremely transparent because each transaction utilises blockchain technology – meaning everything can be tracked and be accounted for.


As mentioned earlier, it’s important to note that Luno also allows you to buy and sell other cryptocurrencies like Ethereum (ETH), XRP and Litecoin (LTC). What’s great about Luno is that you can learn all about them and the basics of cryptocurrency trading on the website itself. Luno provides easily understandable articles, videos, and blog posts that will help you get started however you choose.

Having all these tools at your fingertips is wonderful because, whether you’re a veteran investor or an absolute beginner, you’ll have the ability to diversify your portfolio at all times. We’re all familiar with the proverb “Don’t keep all your eggs in one basket.” So don’t.


Investing in cryptocurrencies means that you’ve hedged against potential volatility in your other investments. And don’t we all need a backup plan in these uncertain times?

And if you’re still jittery about investing, know that you can be notified of major market movements by setting up a Price Alert through the Luno app on your phone. Don’t be caught off guard.

Thankfully, with Luno, keeping track of your various investments has never been easier. Moreover, it’s great to be able to trade at any time of the day or week – the beauty of crypto-markets is that they never close.

Moreover, Luno enables you to buy and sell instantly from as low as RM3 – perfect for keeping pace with spontaneous trends and the busiest of trading hours. Through the Instant Buy/Sell feature, you can start buying and selling from the moment you log in. You can also use the Repeat Buy option to automate your cryptocurrency purchases according to your specified frequency – daily, weekly, monthly, and more.


As you can see, Luno isn’t just a digital asset exchange – it’s also a learning and real-time information hub. It’s really a one-stop centre for all things cryptocurrency, and where better to start if you’re looking to get into the action instantly? You can be a diversified, 21st-century investor too.

So, visit Luno’s website at luno.com/en or download the Luno app on the Google Play Store or the Apple App Store to give it a go and start your crypto trading journey.

Thursday, February 11, 2021

Reuters Report Suggests Bitcoin May Cause More Harm Than Good For Environment


By now, you would have already heard of Elon Musk’s US$1.5 billion (~RM6.11 billion) investment into Bitcoin and how he intends to make it possible for consumers to buy cars from his company, Tesla with the cryptocurrency. As eco-friendly as the man’s action may seem, some people believe that his actions could have the opposite reaction to the global environment.

As explained in a Reuters article, one of the biggest problems with mining for Bitcoin – or any cryptocurrency, for that matter – is the amount of carbon dioxide created by the mining farms that solve and execute the calculations provided by the blockchain, and getting paid for it.


According to data provided by the University of Cambridge and the International Energy Agency, cryptomining is expected to generate nearly 30 million metric tons of carbon dioxide per year. To put it in another way, the energy consumed by all current mining farms to-date, nearly matches the energy consumption of The Netherlands back in 2019.

That is not to say that there are no environmentally conscious miners in the world. SJ Oh, a former Bitcoin trader and environmentalist, co-founded Pow-re, a company that is reported to run “green” bitcoin mining operations with hydropower. All in sub-zero temperatures, situated within Canada’s subarctic region.


We also shouldn’t be so quick to dismiss Musk’s and Tesla’s endeavours to go green. Despite the fears of an environmental whiplash, the man recently offered US$100 million (~RM404 million) for inventions that could effectively reduce carbon dioxide emission, both from the atmosphere and oceans. Moreover, there’s also the possibility that the man could, in some form or another, develop a sustainable method of mining Bitcoin in the future.

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