Environmental Ramifications of Cryptocurrency Mining: Is it Hoax or Real?

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In May 2021, Tesla announced that it would no longer accept Bitcoin as payment for its vehicles and services. Elon Musk then went on to justify the decision by citing data from researchers at Cambridge University, which shows that Bitcoin’s electricity usage has been spiking over time and was at a record high in 2021. Musk then confirmed that Tesla would start accepting Bitcoin when its mining transitions to more sustainable energy.

Suddenly spotlight shifted from how lucrative digital assets are to how bad are they for the environment. Investors who were previously worried about safe platforms to buy cryptocurrency, convert cryptocurrency (fiat), and buy cryptocurrency with a credit card were suddenly conscious that their investment would negatively harm the environment.



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