The Musk and the Crypto Enerygy Consumtion and t

Recently Musk show increased concern for greenhouse gas emissions, every digital currency, financial applications, and communication vehicles across the globe generating so much carbon emission, but cryptocurrencies take the blame for the anti-environment. It is true that Bitcoin’s power consumption is indeed a big problem, due to the popularity and success of crypto-based systems, many countries competing for mining and consuming more electricity if the price of Bitcoin and other cryptocurrencies continues to rise ultimately the use of electricity will increase in the future.

Musk is not only the opponent but the Bill Gates who said the “Bitcoin consumes more electricity per transaction than any other method known to mankind, so this is definitely a very important climate issue”, and Buffet who always clear his position regarding Bitcoin, and he constantly declined the position of Bitcoin in the financial landscape.

Why Musk Worried

Sudden Musk arguments may be based on the fear of less energy for his own brand Tesla, if the cryptocurrencies around the world consumed so much energy then maybe his car selling empire can suffer a lot, it is revealed from the media that Tesla already made $100 million by buying Bitcoin.

From the perspective of Bitcoin, it is the single most profitable business in the world, however, the current price is below $50,000 and the current Bitcoin transaction price is 10 times its cost. Actually small number of people hold the maximum stake in Bitcoin and very little quantity is circulating in the market if those maximum stakeholders will quit the market then suddenly Bitcoin price fall to the bottom.

Ethereum and Bitcoin Energy Consumption

Ethereum is just like Bitcoin consume so much energy, it is estimated that Ethereum consumes 62.56 kWh in a single transaction across the globe, current Ethereum mining depends on Bitcoin-Proof-of-Work (PoW) which is an energy-inefficient consensus system, this summer upgrade of Ethereum will resolve the current energy problem and Ethereum will transfer from Proof-of-Work (PoW) to Proof of Stake (PoS), the new PoS will definitely reduce the 99% energy consumption. Ethereum process 1.5 million transactions in a single day while market leader Bitcoin only able to do 266,000 in a single day, the daily cost of the Ethereum network is US$49.94 million, and Bitcoin cost is around US$3.65 million.

Dogecoin Energy Consumption

As compared to Bitcoin which uses the ultra-complex SHA-256 algorithm for mining the Dogecoin uses Scrypt, Interestingly 0.12 kWh required by the single transaction in the Dogecoin network, however, the current mining mechanism in Dogecoin is proof-of-work, despite the fact that Musk called Dogecoin a “scam” but it is the fourth most valuable currency on the cryptocurrency world, the current market value of Dogecoin has reached 85.3 billion US dollars when Dogecoin first issued its price was US$0.00026, and now it is US$0.5, an astonishing achievement in the crypto world.

The Dogecoin source code imported from the Litecoin, Dogecoin is different from Bitcoin in terms of circulation, there are 129 billion Dogecoins coins in circulation, and with the help of the mining process more coins will be added to the network, whereas Bitcoin has a limitation of 21 million after reaching this limit there is no more Bitcoin left for issuance.

https://www.businessinsider.com/microsoft-tesla-elon-musk-cryptocurrency-climate-change-damage-economist-roubini-2021-3#:~:text=In%20a%20Clubhouse%20interview%20with,to%20mankind%2C%22%20Gates%20said.

https://www.bloomberg.com/news/articles/2021-05-16/musk-implies-tesla-may-sell-or-has-sold-bitcoin-holdings

https://www.cnbc.com/2021/02/12/elon-musk-reducing-greenhouse-gas-emissions-with-a-carbon-tax.html

https://spectrum.ieee.org/computing/networks/ethereum-plans-to-cut-its-absurd-energy-consumption-by-99-percent

Source: https://medium.com/cryptocurrencies-ups-and-down/the-musk-and-the-crypto-enerygy-consumtion-and-t-2095359258c5?source=rss——-8—————–cryptocurrency