Cryptocurrencies: 6453 / Markets: 43605 Market Cap: 24h Vol:
Seeking Alpha
2021-05-14 12:16:02

Cryptocurrency stocks bounce as Bitcoin stabilizes, Ethereum re-takes $4K

The bit firmly between his teeth on this energy consumption thing, Elon Musk overnight engaged a bit on Twitter with Microstrategy (MSTR) CEO Michael Saylor.Saylor (and others) have pointed out the obvious fallacy in Musk's logic, noting Bitcoin mining has nothing to do with transactions. Saylor: "Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered." Saylor also notes the vast majority of Bitcoin mining is accomplished via renewable energy sources.Musk isn't pleased with entrepreneurs reviving shuttered power plants in out-of-the-way areas for the purpose of providing energy for Bitcoin mining, even as the revamped plants will now be using natural gas instead of coal.Saylor: "Bitcoin (BTC-USD) offers 8B people a superior technology to guarantee their human rights to property, as well as a

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer