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In an interview with TechCrunch at the level of the Ethereum Denver conference, Tesla board member Kimbal Musk, brother of CEO Elon Musk, said that the company was “very ignorant” of Bitcoin’s environmental effect when it announced last year that it would buy $1. 5 billion in cryptocurrencies and plans to allow owners to buy the company’s cars with the coin.
“When we invested in Bitcoin, we were very ignorant. We had no concept of environmental impact, we literally didn’t know it, we were like it was a smart price store and a smart way to diversify assets. And of course, it didn’t take long to get a million, I’m probably not kidding, a million messages telling us what we’re doing with the environment,” Kimbal Musk said in an interview with the reporter. “And of course, our business aims to create futures of choice power, so we weren’t sufficiently informed when we made that decision. “
Kimbal Musk says that while Tesla “didn’t necessarily regret” its bitcoin purchase, he hopes the blockchain industry as a whole can transition to a more environmentally friendly infrastructure design, noting that his own philanthropic organization, Big Green, has followed a running crypto native CAD governance design. on a less energy-intensive blockchain.
Photo Credit: Jesse Morgan // ETH Denver Tesla board member Kimbal Musk discusses the long term of philanthropic giving in an interview with TechCrunch’s Lucas Matney at the Ethereum Denver 2022 conference.
“In fact, I don’t agree with the environmental effect of cryptocurrencies, but I love what it does,” Kimbal Musk said on stage. “So we just have to figure out how to do it without the effect on the environment. . . it’s just not an option that has an effect on the environment. “
Tesla’s decision to buy bitcoin last year sparked a first bull run for the cryptocurrency, that momentum reversed months later when the company announced that while it didn’t plan to sell its bitcoin immediately, it would no longer settle for bitcoin as a pay-per-vehicle. shopping
“Cryptocurrency is a smart concept in many degrees and we believe it has a bright future, but it cannot have a higher burden on the environment,” Elon Musk partially wrote in a tweet last May. “Tesla will not sell any bitcoin” and we intend to use it for transactions as soon as mining shifts to more sustainable energy. “
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While much knowledge about the Bitcoin mining network’s heavy reliance on renewable energy sources is still lacking, it is transparent how vital the grid’s energy consumption is. Estimates from Digiconomist’s energy tracker recommend that the overall annualized energy footprint of Bitcoin mining operations has nearly doubled since Musk’s tweet last May. The Bitcoin network contributes as much carbon to the environment as the country of Kuwait annually, according to the site’s estimates.
Kimbal Musk has been a member of Tesla’s board of directors since 2004.
[youtube https://www. youtube. com/watch?v=maOXX9uVTVA?version=3