The Hype Around BitTorrent Founder’s Chia

Some days ago Elon Musk, founder of Tesla, announced on Twitter that the automaker has suspended vehicle purchases using Bitcoin with the concern of rapidly increasing use of fossil fuels for Bitcoin mining and transactions. Elon likes to give surprises! He was promoting Bitcoin some months back and now he takes a U-turn to declare that Tesla is looking at other cryptocurrencies that use <1% of Bitcoin’s energy consumption. Bitcoin’s trust-minimizing consensus has been possible due to its proof-of-work algorithm and it is obviously known as an energy-intensive cryptocurrency. Although Bitcoin maximalists argue that more than 75% of miners use renewable energy, it is really debatable.

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