Home Crypto News Why Elon Musk is Pushing Renewable Energy for Cryptomining

Why Elon Musk is Pushing Renewable Energy for Cryptomining

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San Francisco / USA – Mar, 2020: Elon Musk, CEO of SpaceX, founding father of Tesla. Famous entrepreneur. Vector portrait illustration.

The ‘Dogefather’ Elon Musk  delivered his ultimatum on Sunday, primarily. 

It’s fairly straightforward to see why. When the purpose of your online business is to scale back fossil gas consumption, it is vital to take a lead. Elon Musk’s tweets about Bitcoin are the all-time greatest instance of simply how a lot energy he holds. 

There are many issues we are able to admire Elon Musk for, and chief amongst them is this transfer. Regardless of what our private opinion is, he purposely took a threat with a purpose to take a stance.

Also, he is not mistaken. It is said that Bitcoin manufacturing (or mining) is estimated to generate 22 to virtually 23 million metric tons of carbon dioxide emissions per 12 months. According to this report, that is someplace between the quantities produced yearly by Jordan and Sri Lanka. 

So it is smart why the proprietor of an electrical automotive firm, which was made to chop down emissions, would need to cease receiving funds in one thing that causes such emissions. 

While interested by that can provide us a headache, it is vital to appreciate one vital factor: This is excellent news. 

After all, when was the final time a billionaire really did one thing concerning the setting? Just like Elon’s help for Doge, possibly it is a part of an extended recreation, one which is nestled in Musk’s future plans with renewable vitality. Perhaps his wrestling with the value of Bitcoin, inflicting so many others to turn into wannabe crypto bull wranglers has a deeper goal… 

The Real Reason Why Elon Musk Might Be Cracking Down on Bitcoin Miners 

Seeing the fallout from Elon Musk’s tweets leads down a rabbit gap. Eventually, you uncover his plan to construct the world’s largest digital energy plant. Musk unveiled an bold plan for 2022 and past to energy 50,000 houses in South Australia over 4 years with free photo voltaic panels and Tesla batteries. It is estimated that this can produce 20 p.c of all the state’s every day vitality necessities. This might decrease vitality payments for the households concerned by 30%. 

What do decrease vitality payments imply? Increased financial savings, extra shopper spending energy, and a extra environment friendly financial system – particularly in occasions of such staggering inflation. While this is nice information in idea, to this point, it may be performed in South Australia. Are we going to see extra locations getting the Magic Musk Energy Booster Shot? 

Is it so farfetched to consider that Elon Musk’s tweets about crypto mining emissions may be to organize for one thing greater? Could we see a future tweet from Musk launching a sustainable-only  crypto mining firm? Perhaps he’ll foyer with governments utilizing his firm’s merchandise as leverage. It’s virtually like he is saying Be sustainable or else! 

It’s just like the outdated idea of getting a monopoly on one thing, and providing it solely to those that meet sure necessities for saidpurchase. So in essence, this makes Elon Musk the world’s first ‘Robinhood Baron’. 

But hey, what about Lithium?  

Salinas Grandes Salt Desert, Jujuy, Argentina

US-based auto producers are going all in on EVs. The actual gas behind the world’s greatest electrical vehicles like Tesla (NASDAQ:TSLA), Nio Inc (NYSE:NIO) ? 

 Even the fictional Robinhood wasn’t a whole saint (We’re speaking concerning the story, not the buying and selling platform made notorious after they vetoed retail investor’s positions in Gamestop Corp (NASDAQ:GME). The EV growth, Elon’s tweets and the crypto craze throughout shadow the largest and least-spoken-of elephant in the lounge of contemporary historical past: Lithium.  

The Lithium Triangle, an space spanning parts of Bolivia, Chile and Argenita incorporates greater than half the world’s provide of steel underneath salt flats that make it appear to be an alien world. Miners drill a gap within the salt flats, then wait for brine to floor, and after 12-18 months extract filtered lithium carbonate. It’s low-cost, efficient, however makes use of 500,000 gallons of water per tonne of lithium mined. 

In Chile’s Slar de Atacama, lithium mining consumed 65% of the world’s water provide. The farmers there relied on this. Not positive Elon can repair that with a tweet. 

This leads us to a different level… Could Elon Musk be cracking down on Bitcoin miners due to the injury the lithium growth is inflicting?

Elon Musk may be a simple scape goat, but the necessity for lithium carbonate existed lengthy earlier than he was coding in his tiny condo in San Diego. 

The Conclusion

Ultimately, the golden rule appears to be to observe the cash. Dips in crypto like BTC could be a good factor, particularly when it means extra folks get entry to the crypto markets. 

Elon Musk is utterly proper. By discouraging air pollution from cryptomining, he units a precedent for others to hopefully do the identical. 

Investors seeking to diversify into commonplace markets can look to Lithium shares because the EV growth continues to achieve floor. Maybe TSLA (NASDAQ:TSLA) will not be the primary electrical automotive bought for a cryptocurrency. 


Featured Image & Other Images: Megapixl, DepositPhotos

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