Jack Dorsey and Elon Musk Focus the Attention on Renewable Energy for Bitcoin Mining
Jack Dorsey who leads Square Inc. together with Ark Investment released a whitepaper in which he paid special attention to the environmental issue of Bitcoin mining. There is a lot of discussion about high energy consumption while mining cryptocurrency, and he explained why Bitcoin mining is not that dangerous for the environment as many used to think.
He notes that Bitcoin mining uses renewable sources like solar, hydro and wind energy and this reduces its harm for the environment. Moreover, it encourages and promotes the use of such energy by other companies. Elon Musk agreed with him on Twitter.
Dorsey also explained that such traditional assets as gold and banking systems use way more energy that the Bitcoin network. He believes that Bitcoin is here to make a difference and have better solutions for the environment. Dorsey says that only people who don’t really understand Bitcoin think it’s dangerous for our planet.