However, seven weeks later, his speech changed, citing concerns “about the rapid increase in the use of fossil fuels for mining and bitcoin transactions, especially coal, which has the worst emissions of all fuels.”
Musk’s words have had an impact on many companies and organizations, as in the case of Greenpeace, which accepted donations in bitcoin since 2014, in order to reach the unbanked population.
Faced with Elon Musk’s arrest for cryptocurrency mining and its alleged contamination, several experts oppose this analysis.
MicroStrategy CEO Michael Saylor found Musk’s comments ironic, because “incremental energy is not used in a bitcoin transaction.” He explained that the energy used is used to secure the overall network. He also noted that the net impact on Bitcoin’s fossil fuel consumption over time will be negative.
For his part, Changpeng Zhao, CEO of Binance Exchange, wrote on Twitter that “Elon has probably not investigated the amount of power required to run other (non-crypto) currencies that Tesla accepts.”
Zhao’s argument can be applied in the case of Greenpeace, which will now only accept transactions through the traditional banking system, which uses more energy than bitcoin.