Elon Musk is by nature an iconoclast, a disrupter, an upsetter of applecarts and a slayer of sacred cows, so his long-standing interest in bitcoin, which has been described as “a techno-anarchist project” and “a way to separate money from the state,” is not at all surprising. Now Tesla has purchased $1.5 billion worth of bitcoin as an investment, and announced that it will accept the currency as payment for its products and services.
“We expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the company said in its recent annual report.
Bitcoin’s price took off like a rocket on the news, setting a new all-time high. Analysts saw the vote of confidence from Tesla as a major milestone for bitcoin, and most expect the value of the currency to continue to rise and become more stable. Other companies are expected to follow Tesla’s lead and begin accepting bitcoin as legal tender.
“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes of Great Hill Capital. “But when the richest man in the world does it, everyone has to take a second look.”
While many see Tesla’s embrace of bitcoin as an extension of the company’s disruptive ethos, others are puzzled that a company with a mission to clean up the environment would promote a technology that, by all accounts, consumes massive amounts of energy. Unlike coal mining, bitcoin “mining” doesn’t destroy mountaintops or pollute rivers, but it does require amazing amounts of computing power, and thus gargantuan gobs of electricity.
A 2019 report entitled The Carbon Footprint of Bitcoin, published in the journal Joule, estimated that bitcoin’s annual electricity consumption (as of November 2018) amounted to 45.8 TWh, with corresponding annual emissions of at least 22 megatons of carbon dioxide.
“Participation in the Bitcoin blockchain validation process requires specialized hardware and vast amounts of electricity, which translates into a significant carbon footprint,” write the report’s authors. They estimate that the emissions produced by bitcoin are equivalent to the levels produced by the nations of Jordan and Sri Lanka.
Another study, also from 2019, suggested that the climate change impact of the cryptocurrency isn’t quite that bad—only on par with the carbon emissions of Estonia. Life Cycle Assessment of Bitcoin Mining, published in Environmental Science and Technology, found that earlier estimates had assumed that carbon emissions from electricity generation were uniform across China, where it’s estimated that half of all bitcoin mining takes place. Breaking down the emissions to take account of regional differences in the cleanliness of the Chinese electrical grid, the researchers came up with a global footprint for the cryptocurrency of 17.29 megatons of CO2 in 2018.
A more recent study (November 2020) from Cornell University noted that “the future carbon footprint of bitcoin strongly depends on the decarbonization pathway of the electricity sector,” and estimated that in the “business-as-usual scenario,” electricity consumption could exceed 100 TWh in 2021, resulting in cumulative CO2 emissions of over 5 gigatons by 2100.
A December 2020 study published in Energy Research & Social Science estimated annual consumption at 87.1 TWh as of 2019, equal to that of Belgium.
Digiconomist’s Bitcoin Energy Consumption Index aims to track bitcoin’s energy consumption and carbon emissions over time. Its latest estimate is 78 TWh of electricity and 37 megatons of CO2, comparable to that of Chile.
Whatever country you compare it to, it’s plain that bitcoin’s carbon footprint is significant, and that making its energy consumption more sustainable would be a major undertaking. As Barclays Private Bank’s Gerald Moser told Bloomberg, “Buying bitcoin pretty clearly makes an investment portfolio less green.”
Sources: Reuters, Electrek, Science Direct, NewScientist
order lasuna online cheap – purchase himcolin generic himcolin cheap
order besifloxacin – order sildamax online cheap sildamax pill
order gabapentin 600mg online cheap – order motrin 400mg online buy sulfasalazine 500mg
where can i buy probenecid – buy generic monograph over the counter tegretol pills
celecoxib online – flavoxate for sale indomethacin capsule
colospa where to buy – cilostazol 100mg canada buy generic cilostazol
brand cambia – aspirin without prescription oral aspirin 75mg
purchase rumalaya pill – generic amitriptyline 50mg brand amitriptyline 50mg
pyridostigmine 60mg canada – order pyridostigmine 60mg online cheap buy azathioprine 25mg online cheap
order diclofenac generic – nimotop cost nimodipine without prescription
where to buy ozobax without a prescription – piroxicam 20mg cheap feldene 20 mg without prescription
order cyproheptadine for sale – buy cyproheptadine 4mg online cheap order tizanidine online cheap
order mobic generic – order rizatriptan 10mg without prescription toradol oral
artane sale – order emulgel for sale purchase diclofenac gel
omnicef buy online – order cleocin without prescription
buy isotretinoin medication – purchase deltasone generic cheap deltasone 40mg
acticin order – cost permethrin tretinoin gel over the counter
buy betnovate 20gm for sale – buy generic differin for sale buy generic benoquin over the counter
flagyl sale – order cenforce pill cenforce tablet
augmentin 1000mg generic – order augmentin 1000mg generic where can i buy levothyroxine
cleocin 150mg drug – cleocin 300mg drug indocin 75mg drug
order cozaar 50mg generic – keflex 250mg uk cheap keflex
eurax where to buy – buy crotamiton medication buy aczone online cheap
purchase provigil sale – meloset 3 mg for sale buy melatonin paypal
zyban 150mg pill – buy bupropion 150mg cheap shuddha guggulu pill
xeloda oral – order danazol 100 mg sale order generic danazol 100 mg
prometrium 100mg without prescription – cheap generic ponstel clomiphene price
fosamax 35mg pill – pilex cheap buy medroxyprogesterone
yasmin cost – order estradiol 2mg online buy cheap generic anastrozole
гѓ—гѓ¬гѓ‰гѓ‹гѓі йЈІгЃїж–№ – гѓ—гѓ¬гѓ‰гѓ‹гѓі и–¬е±ЂгЃ§иІ·гЃ€г‚‹ г‚ўг‚ёг‚№гѓгѓћг‚¤г‚·гѓігЃ®йЈІгЃїж–№гЃЁеЉ№жћњ
гѓ—гѓ¬гѓ‰гѓ‹гѓі гЃЉгЃ™гЃ™г‚Ѓ – гѓ‰г‚シサイクリン通販 г‚ўг‚гѓҐгѓ†г‚¤гѓійЊ 20 mg еј·гЃ•
eriacta during – sildigra drop forzest influence
valif pills bench – buy generic sinemet for sale cost sinemet 10mg
buy generic crixivan over the counter – voltaren gel online order voltaren gel online buy
brand modafinil 200mg – modafinil 200mg cheap combivir generic
promethazine cost – ciplox 500 mg for sale buy lincocin 500 mg sale
ivermectin 12 mg without prescription – brand candesartan carbamazepine 400mg canada