Bitcoin owes much to Musk for its recent boom and soaring prices as the cryptocurrency enters the mainstream in no small part thanks to the Tesla CEO’s decision to buy $1.5 billion worth of bitcoin through the electric car company and begin accepting the currency as a valid method of payment.
This risky move was just the beginning of what would turn out to be a monthslong rollercoaster of dramatic events and market turmoil for Musk, Tesla, and Bitcoin.
“This pullback really started after Tesla made the decision to buy $1.5 billion of bitcoin,” New York-based investment research firm CFRA’s Garrett Nelson was quoted by MarketWatch at the time.
The reason Musk cited had nothing to do with the cryptocurrency’s notorious volatility, nor his investors’ cold feet, but instead focused on Bitcoin’s significant and growing negative environmental externalities.
“Bitcoin uses more electricity per transaction than any other method known to mankind,” Gates was quoted by the New York Times back in April, a few short weeks before Musk’s about-turn, as part of a high-profile takedown of the crypto-asset.
As part of Musk’s newfound environmental priorities, he took part in putting together an entirely toothless Bitcoin Mining Council which has given itself the task of improving the cryptocurrency’s sustainability following a meeting between prominent North American Bitcoin miners and Musk.
Finally, just this week, Musk has thrown more weight with far greater incentive behind the imperative, announcing that Tesla will once again begin to accept Bitcoin payments once the cryptocurrency runs on a rough minimum of 50% clean energy.
According to a press release, the platform, which secures over $1 billion in assets, will integrate with Coinbase Custody, one of the industry’s leading cold storage providers.
— The nearly simultaneous shutdown of four gigantic power plants in Texas — capable of powering almost 1 million homes — drove the region to the brink of yet another energy crisis this week as temperatures soared, according to data analyzed by Bloomberg.All told, generators across the second-largest U.S.
‘When you use electricity to run cars, it’s environmentally friendly.
However, one green energy sector that’s been waiting in the wings for quite a while for a boost has been the hydrogen sector.
The weather hasn’t really cooled off there in the hundred-plus years since, and the thermometer approached that insufferable number again this past week when high temperatures reached 125 and 128 F on Wednesday and Thursday, respectively.
Photograph: David Becker/Zuma Wire/Rex/Shutterstock If water is the lifeblood of planet Earth, the American south-west is in big trouble.
Many trading firms already have an established presence in Europe, but the production of advanced biofuels that act as petroleum fuel substitutes has driven hiring in the United States in recent months, the sources said.
The firms’ major investors include funds controlled by billionaire philanthropist Bill Gates and wealth-management icon Larry Fink, founder of BlackRock Inc, who are both leading advocates for corporate climate action.
The group of nine people was floating down the Dan River on inflatable tubes and went over a dam that’s about 8 feet high next to a Duke Energy plant on Wednesday night, Rockingham County Emergency Services Director Rodney Cates told reporters.
John McCoy/MediaNews Group/Los Angeles Daily News via Getty ImagesWhen heat waves hit, people start looking for anything that might lower the temperature.