Elon Musk continues to criticize Bitcoin’s energy consumption and share its hash power (mining power).
“We have shown how Bitcoin production can allow solar + battery systems to scale economically to provide a larger share of grid energy,” said Brett Winton of Ark Invest. Responding to his post, Musk said, “I accept that this can be done over time. However, the recent increase in energy consumption could not have been achieved so quickly in renewable energy sources. ” said.
“Large organizations are eliminating Bitcoin’s decentralized nature,” referring to the large mining companies of a follower. Responding to his answer, Musk used the following statements:
“The energy used by Bitcoin for mining has started to exceed the consumption of mid-sized countries. It is almost impossible for small miners to be successful in this regard without their massive economies. “
Musk had previously criticized Bitcoin for energy consumption and paved the way for the big collapse in the market.
Musk, annoyed that Bitcoin’s hash power is in the top 10 mining companies, recently accused Bitcoin of decentralization.
I agree that this * can * be done over time, but recent extreme energy usage growth could not possibly have been done so fast with renewables.
This question is easily resolved if the top 10 hashing orgs just post audited numbers of renewable energy vs not.
– Elon Musk (@elonmusk) May 20, 2021