Put logic into play, on average a computer server mining for Bitcoin utilized no more energy than that same server storing your iTunes library or the gigabites of snaps you upload your on iCloud so far this year.
Yet the great debate over kilowatts used to mine Bitcoins rages on with the aim of just powering the debate itself. The ever-coy Elon Musk fueled the fire with a daring statement that Tesla, the electric car manufacturer would no longer be accepting Bitcoin as a method of payment when purchasing Bitcoin.
When consider the market value of one Tesla stock at $580, compared $58,000 for a single Bitcoin, a multiple of 100 just to point out, trading during the same day Musk made the seeminly offensive jab at Bitcoin. An image posted on Musk's official Twitter account reads:
Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.
Tesla will not be selling any Bitcoin and we intend to use if for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction.
Though not authographed neither originated from Tesla's corporate Twitter account, the message was most definately Eloneskish. The billionaire turned Doge-father, so called for heavy promotion of the Doge crypto coin, has a long-running track record of tweeting tunes accompanied by tumbling stock prices. And likewise, cherping stock boosting rythms to rally wall street bull runs.
The May 12 retraction of Tesla's whistling call for Bitcoin exchange for the electric car, after only 49 days of cheerleading, seems to spell chaos and confusion more so for Bitcoiners than for drivers.
Why then would Musk give up the Bitcoin gig so soon. Or did he? No. Musk's statement made clear that he intends to HODL the billion dollar position he holds in Bitcoin as an asset. After reading Musk's statement a few times over. I think I get where he's going and what he's actually doing. Forget the debate over fossil fuels - thats a mute point at this point.
Elon Musk knows something many of us have a hard time understanding, except when put in plain street language. Musk is dancing. The format is Tango. He sees the Bitcoin on the dancefloor looking glamourous. He steps forward and offers the coinlady his hand. She follows his lead center-stage, that encourages more pals and gals to join the dance. The tempo changes. Musk spins the coin, he wraps her around his little finger and pulls her in. The Bitcoin feels secure. Then he flips her and flings her under he legs. As she slides across the room all the new comer dancers panic and bail, leaving the dance floor for the real Tango talent.
