SO MUCH NEWS AROUND BITCOIN & ELON MUSKS LITERAL POWER GRAB
I would like to start with some true Bitcoin news. Bitcoin is getting a major upgrade called "TAPROOT". Taproot has reached the 90% approval level needed to become locked in as a modification to Bitcoin's protocol. The aim of Taproot is geared around privacy, security, and scaleability. The scaleability issue is what gets my attention. While I currently do not have enough details about how Taproot will address scaleability I imagine more information about that will be released around November when the Taproot upgrade becomes active.
In a completely different perspective encapsulated within all of the sudden acceptance of Bitcoin's use as a transfer and store of value Elon Musk proclaims that he will accept Bitcoin again as soon as 40% of the energy used to mine Bitcoin is clean energy.
Well let's make a correction and expose the truth. Hydro electric energy is one of the cheapest ways to produce electricity. Mining farms as they are called have dealt with the issue of profitability in two ways. The number one solution has been to use the cheapest sources of electricity available. The second method has been to use the most efficient equipment possible. If you query the amount of clean electricity used to mine Bitcoin today you will find that 73% of the energy used to power the Bitcoin network is carbon neutral. A key factor in your discovery will be attributed to the cheap cost of hydro electric energy production.
While a well known marketing genius Elon Musk is no longer one of my personal heroes. His scheme to tap into all of the electrical production used to power the Bitcoin network has offended me. First testing the weight of his opinion by promoting DOGE, literally one of the worst crypto currencies in existence. (While the great majority of crypto currencies are established to increase in value over time. When creating DOGE coin literally as a joke the protocol behind DOGE incrementally creates more DOGE to no end ever. The longer you hold DOGE the greater the inflation and less your holdings are worth.) I apologize for such a long foot note. The vast majority of crypto investors are often completely oblivious about the inner workings of the projects they invest in. There is often money to be made around hype as Elon Musk has so well demonstrated announcing his support of DOGE coin.
Moving on now phase two. Elon Musk used his influence to paint a darker shade of grey on the well known issue of power consumption of the Bitcoin network. He proclaimed to be completely put off by the polluting terrible Bitcoin. Soon then after (I am talking at a speed that had to have been pre-arranged to this scheme) he is meeting with officials in China to discuss using clean energy to power the large majority of Bitcoin mining that is performed in China.
On one hand Elon I applaud you. If your intentions are to curb electricity production in China towards clean energy that is wonderful. That still leaves me with the more important question. Since 73% of the energy produced is and was carbon neutral energy do you truly mean that you will not accept Bitcoin for payment again until Tesla products are producing 40% of the energy used to mine Bitcoin?