Bitcoin is the hottest and quite productive subject of the crypto industry at the instance. The core notion of bitcoin is a digitalized coinage operating on a peer-to-peer network devoid of the involvement of third parties and national banks. Bitcoin blazed the trail of high-end games at the very first instance of 2021; the price of bitcoin was skyrocketed in February 2021 as Elon musk tweeted that tesla motors have invested 1.3 billion dollars in the bitcoin industry.
Later tesla motors announced to accept bitcoin as a payment method in tesla motors in march. The tweet of Elon musk towered the price of bitcoin to an exceeding extent. There are many forums you can get more details here, which can assist you in availing yourself of fruitful outcomes in the bitcoin journey. However, the recent reversal tweet has tanked the price of bitcoin. Beneath mentioned is an utter portion demonstrating the recent tweet of Elon Musk; let’s dive in straight to the facts.
Tesla Motors Not Accepting Bitcoin Anymore!
The groundbreaking bulletin arrived that co-founder of tesla motors Elon musk has announced to suspend bitcoin as a payment method in tesla motors. Elon Musk tweeted on the 13th of may; cryptocurrency is a much better idea in contrast to paper-based fiat currencies. Moreover, it is a promising future. However, the energy consumption in bitcoin mining is exceedingly inclining. The utilization of fossil fuels has led to the emission of hazardous gases and fuels.
Elon Musk Puts A Period On The Speculation; Tesla Motors Have Not Sold Any Bitcoin!
The tweet actually shattered the price of bitcoin, regardless of the fact Elon musk clarified in the explicit tweet that tesla motors would not be selling bitcoin. Moreover, the progression of accepting bitcoin as a payment method will be continued as soon as the mining plants are complexed on a renewable source of energy. Elon musk rendered an opportunity utilization of other cryptocurrencies consuming an extent of energy less than bitcoin extent of energy.
Bitcoin Mining Acquiring Limelight!
Bitcoin mining is a progression of verifying bitcoin transactions and rendering the information to the public ledger. As a result of bitcoin mining, bitcoin miners avail specific bitcoin units and the transaction cost. In order to acquire a considerable block reward, bitcoin miners have to compete with each other.
The progression requisite a robust source of electricity alongside a bitcoin mining rig and software. Moreover, the bitcoin mining route consumes an exceeding extent of electricity or any sort of power source; the annualized power consumption of bitcoin mining as per the robust sources is 112 TWH.\
Few robust sources stated that the environmental aspect of bitcoin mining progression was an exceeding vulnerability factor for the entire crypto industry. Elon musk confronted ample allegations for still hoarding bitcoin. All the more, he was alleged for manipulating the price of bitcoin from his Twitter handle.
Elon Musk Still Support Cryptocurrencies!
Undoubtedly Elon musk is the prominent reason for the bullish aspect of the crypto market in 2021. Bitcoin price was skyrocketed in the month of February as tesla motors invested a significant amount of funds in the bitcoin complex; moreover, the tweet of Elon musk on accepting bitcoin as a payment method leads to immense chaos in the crypto industry.
Bitcoin achieved the milestone of $65000 in the midst of April; the price and inclined transaction cost of trustable bitcoin exchange assisted bitcoin miners in attaining a revenue of 60 million dollars per day. The reversal tweet of Elon musk on not accepting bitcoin as a payment method anymore might have declined the price of bitcoin, but the support of Elon musk is always with the cryptocurrencies.
Elon musk stated that tesla motors would not be selling any cryptocurrency shares of bitcoin. Moreover, one day before the tweet, Elon musk tweeted a poll that whether tesla motors should accept Dogecoin as a payment method as the meme token is now constantly tumbling up in the crypto industry. The space x company of Elon musk will accept Dogecoin as a payment method.
China is the largest chain in the global bitcoin mining network, Beijing the capital of bitcoin mining, alongside the inner Mongolian region of China, is supervising the bitcoin mining plants for embracing the understanding of the bitcoin mining energy consumption.
