Home Finance Bitcoin, Dogecoin rebound as Elon Musk solicits solution to miners fossil fuel consumption

Bitcoin, Dogecoin rebound as Elon Musk solicits solution to miners fossil fuel consumption

by Jibson
0 comment

According to report reaching oyogist.com, Bitcoin and Dogecoin has rebounded as Elon Musk solicits solution to miners fossil fuel consumption.

Elon Musk said Monday that he’s working on two fronts that could be read as bullish in the longer term for dogecoin and bitcoin.

On Monday, the Tesla chief executive tweeted that he had spoken to bitcoin BTCUSD, -0.84% miners, and that the community has committed to publishing data on their renewable-energy usage.

Monday’s tweet from Musk comes about two weeks after he halted sales using bitcoin at Tesla TSLA, +4.40% due to what he described as practices that weren’t environmentally sustainable.

“Tesla has suspended vehicle purchases using bitcoin,” Musk posted on Twitter on May 12. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” he continued.

Musk’s tweets in mid-May were one of the reasons that the crypto market has been unsettled of late, market participants have argued; bitcoin has lost more than $360 billion in value since then, for example.

Musk later said that Tesla isn’t selling the company’s bitcoin cache and vowed to accept the cryptocurrency for payment as soon as mining transitions to more sustainable energy. As a result, miners might need to switch to equipment like antminer s17, which tend to utilize comparatively less fuel to provide optimal output. Tesla held some $2.5 billion worth of bitcoin as of the end of March, according to public filings.

At last check, bitcoin was changing hands at $39,057.55 on CoinDesk, up over 15% over the past 24 hours. The world’s No. 1 crypto had lurched below $32,000 on Sunday before staging a remarkable rebound on Monday.

Meanwhile, dogecoin, the meme asset that was created in 2013 and has minted millionaires due to its stratospheric rise in 2021, was up more than 21% on Monday, changing hands at 36 cents.

It isn’t clear what Musk intends to do to improve upon dogecoin, which is viewed as a protocol that is more environmentally friendly than bitcoin.

Musk’s tweet about dogecoin on Monday came after he claimed via Twitter on May 13 that he was “working with Doge [developers] to improve system transaction efficiency,” “Potentially promising,” he added.

Dogecoin has taken a beating since hitting a peak at 74.07 cents earlier in May, but is still up more than 7,400% year to date. Meanwhile, bitcoin is well of its mid-April peak near $65,000, but is still up 36% so far this year.

You may also like

Leave a Comment