—Read Here— A new study by Galaxy Digital finds that the Bitcoin network consumes half the electricity of traditional banking system and half the electricity of gold mining around the world.
These finding directly contradict criticisms of the world’s first and largest cryptocurrency by Elon Musk, who recently declared a Twitter war against Bitcoin according to Cointelegraph.
The Tesla CEO has continued to stay in crypto headlines as he announced that his company would no longer take BTC as payment for it’s cars citing energy consumption concerns.
He then went on to announce that he will be partnering with Dogecoin developers.
Bitcoin enthusiast took to Twitter and other mediums in response to Musk’s criticism including Nick Spanos, founder of Bitcoin Center in NYC and co-founder of Zap Protocol, who called Musk a “hypocrite” for still owning Bitcoin.
Musk later hinted on Twitter that Tesla may be dumping their BTC within the near future.
Spanos continued, “Curiously, Elon wants to deny green-conscious consumers the ability to trade their supposedly dirty coin for a clean car. That seems counterproductive.”
“A huge component of Bitcoin’s power consumption is sustainable due to the reactivation and construction of new hydroelectric sources.”
He was hinting at a study that concluded that 70% of BTC mining uses renewable energy.
Myriad Media 