Elon Musk indicates that Tesla will stop using Bitcoin for transactions. Tesla wants to use cryptocurrencies that are at least 100 times energy-efficient per transaction.
There is speculation that Tesla could enable solar-powered cryptocurrency mining, support other cryptocurrencies like Doge and could create their own cryptocurrency.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Digiconomist estimates that compared to 1100 kWh for each Bitcoin transaction, Nano uses just 0.112 Wh. Etherium uses about 85 kWh per transaction.
Cardano uses a ‘Proof of Stake’ consensus mechanism where those participating in the currency buy tokens to join the network. Cardano claiming that the cryptocurrency network consumes only 6 GWh of power. Bitcoin consumes 115 TWh of power per year.
SOURCES- Elon Musk, Tesla, Leafscore, Digiconomist
Written By Brian Wang, Nextbigfuture.com (Brian owns shares of Tesla)
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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