1.1. Current Challenges

  • By Elon Musk's account, climate concerns disqualify Tesla from accepting Bitcoin.

  • Tesla CEO Elon Musk said the company will resume bitcoin transactions once it confirms there is a reasonable clean energy usage by miners.

  • Bitcoin cryptocurrency consumes more electricity than the entire annual energy consumption of the Netherlands, Cambridge University researchers state.

  • Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.

The Independent: “Bitcoin's carbon footprint will get exponentially worse because the more its price rises, the more competition there is for the currency and thus the more energy it consumes.

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