After having been hailed as a champion of sorts by many within the global digital asset market, Tesla (NASDAQ:TSLA) CEO Elon Musk dropped a bombshell on the crypto community earlier in May, backtracking the company’s decision to start accepting Bitcoin (BTC) as a means of payment for various automotive sales. The reason cited was that Bitcoin mining processes were too resource-intensive and unsustainable in the long run.
As expected, almost overnight Musk became a heel, especially among Bitcoin maximalists who began calling him a sell-out and a market manipulator. Regardless of the name-calling, the episode did seem to shine a major spotlight on the energy consumption aspect of the crypto mining industry. This is best highlighted by the fact that recently, an increasing number of crypto companies have publicly announced their moves toward the use of greener energy alternatives.
Is green the only way out?
Could renewable energy actually be cheaper?
Is nuclear energy an option worth considering?
Miners of the future
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