Can you smell that in the air? Breathe in musk... It's that Elon Musk...get it?
With all those talks about the carbon footprint and China closing down its mining operations, it's no wonder all that pressure has seeped into the Elon ship.
This whole carbon print thing is the same thing we have been hearing about from the Chinees government trying to meet their "Carbon Targets" by closing Bitcoin mining operations, especially the one in Inner Mongolia a region that hashed 8% of the world's Bitcoin.
I've read a lot about how this is a big misconception about energy consumption from @edicted's post about Kevin O' Leary. Apparently, Elon might be just one of those uninformed about the issues. But what the hell do I know, the guy has been described as a genius, but he has been seen to go back and forth about investing in cryptocurrencies.
From being labeled as Satoshi to talking about losing his Bitcoin, the guy appears to not be absolutely resolved about the currency. I won't be surprised if he announces another turnaround in about a month.
The University of Cambridge about a week ago estimated that the hashrate of China was evaluated to be 65% in April of the year 2020.
BTC miner also stated that China dropped from that April's value to 55% in January 2021. The US held 11% after this drop in value.
All this is coming as Bitcoin is gaining recognition and acceptance in different institutions in America.
The issue about the hypocrisy of the whole matter is also alarming because the energy cost for the production of Tesla cars is also doing just as much harm. That is not to mention the waste products of the process of making Tesla cars.
I have been reading that Bitcoin wastes energy ever since I started hearing about Bitcoin. I read that computers used for mining require a lot of energy and that is why many people can not participate in Bitcoin mining.
However, this appears to just be liberals doing their thing yet again. They are usually the first to get their information out there. That's why my sentiments initially were that Shark Tank's Kevin O'Leary knew what he was saying. But I know better now
I feel billionaires do not have absolute knowledge about everything in finance, people need to do their own research.
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