Billionaire and digital currency enthusiast Elon Musk has caused another uproar on social media. This time it wasn’t because of his incessant shilling of DOGE or borderline illegal tweets concerning Tesla (NASDAQ: TSLA), but for pointing out the wastefulness of the block reward mining industry and stopping Tesla from accepting BTC transactions.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Musk recognized that despite the misinformation campaign waged by BTC zealots and charlatans, the sector still relies heavily on non-eco-friendly fossil fuels to produce the inferior tokens. Even renewable energy-powered mining farms are squandering valuable energy resources to prop up a blockchain with no practical utility outside of price speculation.
This really should have been obvious to Musk in retrospect. As the phrase goes, mistakes are a fact of life. It is the response to the error that counts.
People can’t judge Musk too harshly. His initial assumption about Bitcoin is true. All systems have consumption costs, but Bitcoin is one of the most revolutionary green technologies out there. Elon was just looking in the wrong direction because the real eco-conscious Bitcoin, as described by Satoshi Nakamoto, is found on the BSV blockchain.
— Frog D. Rockefeller (@coinyeezy) May 13, 2021
BTC’s energy footprint is an environmental mess. Few reasonable people would dispute it’s an energy hog.
The Bitcoin SV network is the most scalable and secure energy-efficient system for processing transactions of any blockchain. It can eliminate other systems’ energy consumption, making it the best tech overall to reduce carbon emissions. How? Because of BSV’s eco-friendly scalable data ledger, which reduces the need for a high volume of other non-blockchain powered transactions from centralized economies.
The BSV network gets more efficient as usage grows. Put another way, this means that the more people use the network to transact, the more energy efficient Bitcoin gets.
Musk is absolutely correct; digital currencies are the future and should not come at the expense of the environment. By providing a direct sliding measurable correlation between energy consumption and value, BSV’s proof-of-work mechanism incentives transaction processors to operate in the most energy-efficient way possible to gain a competitive edge.
Some might argue that BTC and Bitcoin SV are in the same boat since they both use the PoW algorithm to add new blocks onto the blockchain. These people willfully ignore the indisputable fact that BTC’s significantly smaller block size makes it inherently less efficient. If protocols expend most of the energy on hashing, basic reasoning shows that blocks that contain more transactions will be more energy efficient at scale and have an upper hand on competitors.
Elon, better late than never on dropping BTC as a payment rail for Tesla. How about stopping with the DOGE obsession and support the real Bitcoin found only on the BSV blockchain which you’ve been looking for all along?
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.