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Crypto Industry Answers to Elon Musk’s Environmental Concerns in Mining Bitcoin

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The Bitcoin (BTC) sure did suffer a staggering blow in yesterday’s market after Elon Musk tweeted that his Tesla will be putting a halt to car purchases using the crypto due to the environmental impact on how it is mined. Because of this, the industry promptly responded to such concern as they’ve laid suggestions to mine the virtual money a lot better.

Viable options

Bitcoin.com recently has down several ways in mining this digital gold with minimal impact on the environment. One of them is Polygon.

Described as “the eco-friendly blockchain scaling Ethereum,” Polygon’s “plasma and sidechains claim to “require several orders of magnitude less power than both Ethereum (ETH-USD) and Bitcoin.” This makes the platform a practical alternative to the conventional, power-hungry way of mining the BTC.

Polygon utilizes a Proof-of-Stake consensus mechanism to which its website noted that its validators eat up an annual consumption of 0.00079TWh with an approximate continuous draw of 0.00009GW. This is in comparison to Proof of Work blockchains that gobble a whopping 35-140TWh annually A very huge difference, to say the least.

Another platform – Tezos (XTZ-USD) – runs on a Delegated-Proof-of-Stake consensus model. Similar to Polygon, it highlights a network with an energy consumption many orders of magnitude lower than both BTC and ETH.

Jerulida is another platform that’s got some potential. Its CEO Lior Yaffe – who’s also the creator of Nxt, the original PoS-based open-source blockchain, stated that the network he maintains has ever since been addressing the Tesla CEO’s issue recently brought up.

Yaffe said, “As one of the core developers of the first pure PoS coin – Nxt, and its multichain spinoff Ardor, I’m happy to see that Elon has finally realized that there is no need to burn fossil fuels in order to maintain a decentralized token of value.”

Musk could be seeking U.S. renewable credit market

Now, going back to the dogefather’s recent deed, speculations are rife that Musk’s decision to stop BTC payments temporarily might be connected to the U.S. government’s subsidies that Tesla’s been receiving. Per Reuters, the electric car firm is seeking “the multi-billion dollar U.S. renewable credit market.” Further, it is said that Musk might be hoping to gain from the Biden presidency’s rally towards new zero-emission goals.

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