So, as we know, Tesla has invested $1.5 billion in bitcoin, and there are many different opinions about this. In fact, this is a whole new discussion, because never before has a company trying to transition the world to sustainable energy applied an experimental technology whose side effects are so contrary to its mission.
In this article, we’ll start with a quick definition of what a cryptocurrency is, and then take a deep dive into various aspects of bitcoin, including comparing energy consumption across countries and comparing bitcoin to the world’s current financial system.
We will be answering questions such as: how much electricity does bitcoin use and why does it require so much energy to run. Let’s talk about:
basics of cryptocurrency;
bitcoin development and hard forks;
the deflationary nature of the cryptocurrency;
the problem of government and taxation;
altcoins like dogecoin;
“Proof of bet”;
in the end, we will see if we can justify Tesla’s investment in bitcoin.