🍂 The Week Bitcoin farted. 🗯 Data from the CIA about the🔌 sustainability of Bitcoin & more.

Last week, what was the common point between Tesla, Vitalik, India, COVID, and ESG? Bitcoin!

Quick Snapshot

Last week was a big week for crypto. Starting with good news: Vitalik Buterin, the computer scientist who created Ethereum (ETH), told IEEE Spectrum that mining cryptocurrency can be “a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue”, Buterin said. “There are real consumers — real people — whose need for electricity is being displaced by this stuff.”

The week Bitcoin farted

Last Wednesday Elon Musk announced his new position in a major U-turn on Wednesday, Tesla (TSLA.O) won’t use or accept bitcoin until he can be sure it’s produced sustainably. Tesla is also looking at other cryptocurrencies that use less than 1% of the energy burned by bitcoin, he added.

GREENER OPTIONS?

After his original tweet, Musk followed the next day with a chart showing bitcoin’s power consumption. “Energy usage trend over past few months is insane,” he wrote.

THE POWER OF ESG

Regardless of whether bitcoin is actually a polluter or not, the negative connotations around its energy consumption have worried investor’s consciousness of companies’ ethical and environmental responsibilities.

Bonus: 3 Myths about Bitcoin mining for your dinner conversation tonight.

A digital currency economist breaks down why renewable energy doesn’t really make Bitcoin or Dogecoin sustainable:

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