The Little Green Mining Hood or the Big Bad Wolf: Musk's Sustainability Game

Elon Musk's recent announcements and actions on the sustainability of Bitcoin mining raise questions about Tesla's rationale and motivation behind Technoking. Is it possible for Musk to play a calculated marketing game to promote his Tesla mining solution? According to Musk, the Bitcoin Mining World Once upon a time, the world could buy Teslas with Bitcoin for 49 days. Later, on May 12, Elon Musk posted the following infamous tweet saying that tesla "suspended" the purchase of bitcoin-powered vehicles due to the increased use of fossil fuels for bitcoin mining and operations. It was a strange announcement. Wasn't Musk aware of Bitcoin's mining footprint when he announced in March that Tesla would start accepting Bitcoin? Or when you buy $ 1.5 billion in cryptocurrency? A final question to answer: How many Teslas were actually bought with Bitcoin in these 49 glorious days? There is no data from Tesla on this issue, but it can be assumed that Tesla was not paid in bitcoin. This makes Musk's statement even more curious. What caused him to reverse his previous decision to accept Bitcoin? Musk assured the market that Tesla "did not sell bitcoins" on May 17 to avoid scrutiny of bitcoin's freefall and add confusion in the coming days. To clarify speculation, Tesla did not sell Bitcoin – Elon Musk (@elonmusk) May 17, 2021 But even green is out of the bottle. Bitcoin mining has become the talk framing the decline. Musk was on the sidelines for more than a week and allowed the debate to continue as bitcoin lost $ 250 billion in market value. Then on May 20, Musk made a statement; Suddenly, he found a solution to the reputation crisis he had created for Bitcoin: the miners would "just publish rather than publish unverified renewable energy figures." I admit that this can be done * over time *, but the recent extreme growth in energy use could not have happened so quickly with renewable sources. It

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    OANDA 1.3pips (variable) margin: 3.33%
  • Back to top