Tesla’s Elon Musk Is In Support of Bitcoin Incentivizing Renewable Energy
While ignorant people would like to say that Bitcoin is destroying the planet, according to some, it was supposed to consume all the world's energy by 2020, this is not the case, and Elon Musk, whose Tesla is working towards a “sustainable energy future” by relying on renewable energy is in agreement to this.
On Wednesday, Twitter co-founder and CEO Jack Dorsey came in support of Bitcoin that it incentivizes renewable energy, with which Musk agreed.
Dorsey’s Square Crypto has released a report in collaboration with Cathie Wood’s Ark, whose funds invest in Tesla, Square, and crypto, arguing for “bitcoin as a key driver of renewable energy’s future.”
The whitepaper explains how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity.
Both wind and solar produce cheaper energy than fossil fuels but produce too much energy when demand is low and now enough when high. As such, it proposes an ecosystem of solar/wind, batteries, and bitcoin mining coexisting to form a green (cleaner and more resilient electricity) grid that runs almost exclusively on renewable energy.
Bitcoin mining then can encourage investment in the solar system, enabling renewables to generate a higher percentage of grid power with potentially no change in the cost of electricity.
“We believe that the energy asset owners of today can become the essential bitcoin miners of tomorrow.”