Science & Nature

Elon Musk Wants Energy Efficient Cryptocurrency

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Elon Musk indicates that Tesla will stop using Bitcoin for transactions. Tesla wants to use cryptocurrencies that are at least 100 times energy-efficient per transaction.

There is speculation that Tesla could enable solar-powered cryptocurrency mining, support other cryptocurrencies like Doge and could create their own cryptocurrency.

Tesla & Bitcoin

— Elon Musk (@elonmusk) May 12, 2021

Leafscore lists the most sustainable cryptocurrencies for 2021.

Digiconomist estimates that compared to 1100 kWh for each Bitcoin transaction, Nano uses just 0.112 Wh. Etherium uses about 85 kWh per transaction.

Cardano uses a ‘Proof of Stake’ consensus mechanism where those participating in the currency buy tokens to join the network. Cardano claiming that the cryptocurrency network consumes only 6 GWh of power. Bitcoin consumes 115 TWh of power per year.

SOURCES- Elon Musk, Tesla, Leafscore, Digiconomist

Written By Brian Wang, (Brian owns shares of Tesla)

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