Prices for the world’s No.1 crypto rose sharply on Sunday after digital asset bull Elon Musk said Tesla would resume authorization of transactions in the automaker’s stores when key members of the bitcoin infrastructure saw the potential. confirm that 50% of the energy used to mine bitcoin is derived from clean energy sources.
Musk has become a prominent and influential crypto voice, whose tweet in May, saying that Tesla will no longer accept bitcoin as payment for its vehicles, citing the large carbon footprint of digital bitcoin mining BTCUSD, 0.29% , has been accused of triggering a crypto sale. Musk’s comments about the sustainability of bitcoin mining activities continue to resonate in the crypto community.
An oft-cited index from the University of Cambridge puts the annual power consumption of bitcoin mining at around 99 terawatt-hours, more than the power consumption of the Philippines or Pakistan.
A number of Musk’s recent tweets have also sparked a mixture of hustle and bustle, confusion, apprehension and, at times, terror in the crypto community. Earlier this month, investors attempted to analyze a cryptic tweet from SpaceX that included a bitcoin symbol and a heartbroken emoji.
His social media missives have had a disproportionate influence on the prices of DOGEUSD dogecoin, -0.09% and bitcoin and he is at least partly blamed for the current decline in bitcoin and the larger crypto complex. An article in the Wall Street Journal last month described him as the biggest bitcoin influencer.
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