The reason Tesla suspended its support for vehicle purchases using BTC was the company’s concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” Sounds reasonable for a company that develops electric cars, right?
First of all, the question of whether BTC is a waste of energy isn’t new and has been debated by industry experts for some time already. Meanwhile, the mainstream media — The New York Times, Financial Times and Bloomberg, to name a few — went all out with headlines following Musk’s comments, blaming crypto for enormous energy use. They referred to Cambridge University’s Bitcoin Electricity Consumption Index, where the total electricity used worldwide by Bitcoin miners is currently at around 113 terawatt-hours per year. But what they failed to mention — intentionally or unintentionally — is that the latest study by the Cambridge Centre for Alternative Finance stated 39% of all energy consumption used in BTC mining was from