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In the same way that Tesla CEO Elon Musk has used Twitter to snipe at short-sellers and tout the company’s progress, he’s now taking to Twitter to promote a sustainable, future of the company’s products that are rooted in the world of crypto.
Elon Musk’s announcement of the Tesla 3 was a monumental event for the automotive industry. The first “mass market” electric vehicle is an important step towards reducing the world’s dependence on fossil fuels.
But how will the Tesla 3 stack up against the competition? In the past, we’ve seen a number of electric car companies go bankrupt or get bought out because they didn’t have the funding to survive.
However, Tesla has made it clear that they are not only going to survive but also thrive. To accomplish this, Tesla is going to have to become a leader in the electric car industry – or at least, make enough of an impression to make people forget about the blight of the past. ~~
One of the main appeals of cryptocurrency is the ability to make transactions that can’t be tracked by authorities. This has made the currency very popular among criminals, who are less interested in the profit they can make from their ill-gotten gains than in the freedom that comes with them.
And while the use of crypto in these transactions isn’t the cryptocurrency itself, it has created a stigma that has made it difficult for the nascent technology to gain mainstream acceptance. A Letter of Recommendation
The world of bitcoin mining after Musk
Once upon a time, for 49 days, the world could buy Teslas for Bitcoins.
Then, on the 12th. In May, Elon Musk posted a now-infamous tweet stating that Tesla was suspending purchases of Bitcoin vehicles due to the increasing use of fossil fuels for mining and Bitcoin transactions.
It was a strange announcement. Wasn’t Musk aware of the bitcoin minefield in March when he announced that Tesla would begin accepting bitcoin? Or when he bought $1.5 billion worth of cryptocurrencies? Another question is how many Teslas were actually bought in bitcoins during those 49 glorious days. There is no data from Tesla on this, but we can assume that no Tesla was paid in bitcoins.
This makes Musk’s statement all the more curious. Why did he backtrack on his decision to accept bitcoins? To create confusion and avoid drawing attention to bitcoin’s free fall in the days that followed, Musk assured the market on the 17th. But Tesla doesn’t sell Bitcoins.
To clarify the speculation: Tesla hasn’t sold a single bitcoin yet. – Elon Musk (@elonmusk) May 17, 2021, But the green genie is out of the bottle. Bitcoin mining was the theme of the fall.
For more than a week, Musk contented himself with sitting on the sidelines and letting the discussion quiet down, while bitcoin lost $250 billion in market value.
Then, on the 20th. In May, Musk had an epiphany: he suddenly came up with a solution to the reputation crisis he himself had created for bitcoin: The miners would simply publish the verified figures for renewables versus non-renewables. I agree that it *could* happen over time, but the recent extreme growth in energy consumption could not have been achieved so quickly with renewables.
This problem could easily be solved if the top 10 organizations simply published verified figures on renewable and non-renewable energy. – Elon Musk (@elonmusk) May 20, 2021.
From that moment on, everything went surprisingly fast. It took just three days to arrange a secret meeting between Musk and Michael Saylor of Microstrategy with prominent miners in North America. During the meeting, Musk convinced miners to not only release their energy reports but also to form a bitcoin mining council, which drew both enthusiasm and criticism.
Tesla mines greener bitcoins
The question remains: what is Musk’s ultimate goal?
Musk is calculating enough to suspect that none of this is a coincidence. Two things can be said about Musk. First of all, it is convinced of the importance of green and renewable energy sources for the future of the planet; that is why it is a leader in the markets for electric cars and solar panels. He even has an exit strategy if our collective efforts to green the planet fail: move to Mars.
So it is safe to assume that Mr. Musk has launched a campaign to clean up bitcoin mining. It has enough influence and power to really change the way bitcoin and other cryptocurrencies are mined. The second characteristic of Musk is that he is a builder. All of his current companies make tangible products, whether it’s cars, rockets, or wall batteries; he knows the material.
So, if we try to piece together all the fragments of the last two weeks, wouldn’t it be reasonable to assume that Musk is actually planning to unveil a Tesla mining solution? He has the knowledge and the resources, and now, having single-handedly created a crisis need in the cryptocurrency market for a sustainable mining solution, its development has positioned him as a savior.
At the annual shareholders meeting for Tesla Inc. held on June 5, 2018, Tesla CEO Elon Musk announced that the electric vehicle (EV) manufacturer would become the world’s largest purchaser of sustainable energy. Musk’s announcement follows the release of the company’s first-quarter 2018 financial results, which revealed that Tesla’s energy consumption, or “load,” is often directly correlated to the price of electricity in the regions where it operates.
Discussions about bitcoin’s energy problem never end. This needs to be addressed. Is there anyone better placed and more capable than Musk himself to solve this problem? Probably not, and Musk knows it. Will Musk get into bitcoin mining? Will Tesla offer a mining-only solution? Tell us what you think in the comments below.
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