Elon Musk is one of the most influential people in the world as of now and he is capable of bringing changes for the better in many industries. His contribution to the cryptocurrency industry has been immaculate. Elon Musk is a well-known investor in cryptocurrencies and has been named Dogefather.
However, the majority of his investments lie in Bitcoins. Elon Musk is also an advocate for greener energy sources and he has pushed the usage of Renewable Sources of Energy for crypto mining. Let us talk about why he has been advocating the utilization of renewable energy sources in this field and how beneficial it can get for crypto miners, as well as the environment.
How Bitcoin adds to the pollution
Bitcoin mining in itself has been held responsible for the generation of more than 22 million metric tonnes of carbon emissions, which is accelerating the process of global warming. Any responsible citizen would be concerned over this, which is why Elon Musk has taken a stand for the usage of Renewable Energy sources.
Elon Musk is the owner of an Electric Car Company, Tesla that aims to cut down carbon emissions to the largest extent. However, this might be only one of the reasons behind his stern stance. Elon Musk has made public statements regarding a 2022 project, aiming to power more than 50,000 Australian homes with Solar panels and Batteries.
Reasons behind the stance of Elon Musk
The stern stance of Elon Musk in this aspect can also hint towards the advent of a project that aims to build crypto mining systems powered by renewable energy sources. Moreover, it can also be inferred that Renewable Energy sources save a lot of money and the environment from pollution. The utilization of Renewable Energy sources can cut down mining costs severely.
This is because of the fact that mining, which involves the solving of complex mathematical algorithms to create coins, requires a lot of energy. The GPUs used for mining purposes takes a lot of energy, which ultimately leads to higher carbon emissions because of the crypto industries. This implies that Elon Musk might be aiming to transform the crypto industry, further increasing its popularity.
Another reason behind Musk having this stance can include the fact that the utilization of Renewable energy for cryptocurrency can ensure lower mining costs, ultimately making it more accessible for the masses.
As the number of miners in the crypto industry keeps growing and the rates of different coins keep going up, one of the biggest crypto investors can gain even more wealth. Whatever be the case, the utilization of renewable energy sources has minimal to zero side effects. Elon Musk has gone far as stating that Tesla might stop taking Bitcoin payments until the industry switches to a more sustainable energy source.
The hype about the incorporation of Renewable Energy in the crypto industry can prove to be very beneficial to heavy investors.
Moreover, owing to the severe environmental concerns raised by experts, many countries are arming themselves up against crypto mining and trading. It is important for the crypto industry to address this issue before it is too late. China has already started its crackdown on crypto mining, after banning it and many other plans to follow.
Countries such as India and neighboring countries are also developing a defensive stance against cryptocurrency. Thus, the utilization of Renewable Energy Sources in the crypto industry is multi-faceted, and Elon Musk must be considering many of them.
It is therefore important for crypto miners to switch to renewable resources as this can allow them to save money while helping save the environment as well. This is the primary concern that has been expressed by the Tesla-head. The 1k daily profit has the capability of lasting for a long time unless environmental issues caused by the cryptocurrency compel governments around the world to take sudden decisions.
In order to achieve this goal, Musk has also deployed a short-term goal of achieving 50% clean Energy utilization in this industry.
The efforts laid down by Musk seem to be working as many mining farms have now completely switched to renewable energy throughout the world. Owing to the stature and position he holds in the world, he has influenced many people to think alike, which brings a lot of hope for the crypto industry.