What is Elon Musk trying to do?

Elon Musk has been in the heart of the crypto market lately and has been making statements that will set the agenda and affect the market every day.

What is Elon Musk trying to do?

Elon Musk has been at the center of the cryptocurrency market in recent days. The programs he participates in, the surveys he makes and the tweets he sends make the market fluctuate.. Musk’s statements that have garnered a reaction in the crypto market in recent days occupy the agenda.

Dogecoin had seen all-time highs before Musk’s program at SNL.. It was thought that the value of Doge would increase even more with the statements he would make in the program.. However, while Musk was speaking on the show, expectations were not met and Dogecoin lost 25% during the program.

In the following days, Elon first announced the DOGE-1 project, and then opened a twitter poll asking if DOGE wanted to be used as a payment tool for Tesla. .

3.9 million votes were cast within 24 hours, and 78% of respondents answered that it should be used.

One day after Musk conducted the survey, one of his landmark decisions for cryptocurrencies announced that it is suspending the sale of Tesla with Bitcoin. As the reason, he cited the increase in the use of fossil fuels during Bitcoin’s transactions and the damage it causes to the environment.

Where is Bitcoin in global consumption?

As it is known, Bitcoin mining is very powerful. done with computers. The high electricity needs of these computers are met from fossil fuels.. In China, where 65% of Bitcoin mining is carried out, the electricity used in mining activities is met from coal-fired power plants.

The electricity consumed in Bitcoin production represents 0.59% of the total global electricity consumption.. This rate alone is above the electricity consumption of many countries.

See: Bitcoin, Bitcoin news and breaking news

The only way for Bitcoin to continue in a sustainable way is to use fossil fuels instead of burning fossil fuels. using renewable energy sources like wind or solar power instead of fuels.

Could Elon Musk be giving rise to Dogecoin?

One day before Elon Musk Bitcoin decision He shared a poll on his official twitter account and asked if Dogecoin was desired as a means of payment.. Could his controversial Bitcoin decision be related to this?

Keyword may be hidden in the last line of Bitcoin description. Stating that they will look at cryptocurrencies that consume less than 1% of Bitcoin energy consumption, did Musk point to Dogecoin? The average consumption of Bitcoin per transaction is estimated to be around 700 KWh.. In contrast, Dogecoin’s consumption per transaction is estimated at 0.12 KWh.

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