Bitcoin Energy, btc energy usage, Elon Musk, Energy Consumption, energy usage, environmental concerns, environmental issues, renewables, Tesla

Following concerns raised by Tesla CEO Elon Musk about Bitcoin’s energy consumption, global asset manager Ark Investment Management explained that the concerns are “misguided.†Referring to its research using real-world data, the investment firm emphasized that “the impact of bitcoin mining could become a net positive to the environment.â€

Bitcoin Mining Could Help the Environment

Investment Management (Ark Invest) published a note Monday responding to the comments made by Tesla and its CEO, Elon Musk, regarding Bitcoin’s energy consumption. The electric car company has suspended accepting bitcoin for payments citing environmental issues. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,†Tesla wrote.

Ark Invest’s analyst Yassine Elmandjra wrote:

The analyst added: “With real-world data, we demonstrate how mining could impact the amount of renewable energy provisioned to the grid by transforming intermittent power resources into baseload generation by way of energy storage.â€

This is not the first time Ark Invest has tried to explain bitcoin’s energy consumption. The firm recently published a report in collaboration with Jack Dorsey’s Square Inc. arguing that “Bitcoin is key to an abundant, clean energy future.†As explained in the report, the analyst detailed:

While Musk and Tesla have voiced their concerns over bitcoin’s environmental impact, both said that they have not sold their BTC despite speculation that Tesla may have so over the weekend.

Elmandjra further explained that Tesla’s decision to drop bitcoin as a payment method “seems to have been triggered by private equity firm Greenidge’s plans to revive a coal power plant to mine bitcoin.†He noted that “Elon Musk referenced the announcement in a tweet.â€

However, the analyst noted:

Do you agree with the Ark Invest analyst about bitcoin mining’s impact on the environment? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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