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Crypto Industry Harnessing Renewable Energy

The latest discussion topic surrounding the crypto industry relates to the energy consumed by mining. The mining process is carried out by computers in warehouses, while the use of complex algorithms consumes plenty of energy. The more the Bitcoin price rises, the more users will mine the cryptocurrency, which in turn leads to an increase in the consumption of energy.

Due to the fact that Bitcoin’s blockchain runs on the process of mining which consumes plenty of energy due to which many CEOs of multinational companies have considered using renewable energy sources for mining. One CEO pointed out that using renewable energy for mining Bitcoin is already prominent in the market.

Jonathan Lapchik, the Chief Executive of SUKU shared his views during an interview with CNBC on Friday. He explained the mining process related to Bitcoin, claiming 75% of mining stems from renewable energy.

“We think that 75% is an actual figure,” Lapchik told CNBC, “The miners are truly incentivized to use renewable energy.” Turning his thoughts to electric car-maker Tesla, which recently announced it would no longer accept Bitcoin for purchases due to environmental concerns, Lapchik said “It’s surprising that Elon didn’t consider that before getting into the space, before accepting Bitcoin as a payment mechanism for Tesla.”

Lapchik elaborated further on renewable energy, stating his opinion on the electric car company Tesla. Although Tesla announced it would not accept Bitcoin as a transaction method due to the alleged environmental concerns, Lapchik commented on his surprise that Tesla did not take the environment into consideration before they announced they would accept Bitcoin as a payment.

Tesla accepted Bitcoin payments by all clients in the United States, back in March. The movement went viral to the general public following the company’s purchase of $1.5 billion worth of Bitcoin it announced in February.
However, recently the Chief Executive of Tesla, Elon Musk announced his disapproval of Bitcoin on Twitter.

The Billionaire Investor stated Tesla will no longer accept Bitcoin payments due to the consumption of fossil fuels used in mining Bitcoin and performing transactions. The announcement is seemingly temporary as Tesla might accept Bitcoin payments again if the cryptocurrency is mined on sustainable energy. Lapchik remained firm on the 75% figure, claiming a large portion of the Bitcoin network is run by renewable energy.

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