Tesla’s environmental aspirations and the effect of its $1.5 billion Bitcoin purchase

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Tesla CEO, Elon Musk, is always known to veer towards low-carbon technology. However, Tesla’s recent backing of bitcoin could turbo-charge the global usage of a currency that is known to cause much more pollution each year than any small country.

Bitcoin production generates between an estimated 22 million metric tons of carbon dioxide emissions a year according to the 2019 study in Joule.

But there is hope in this situation because Tesla’s bet on bitcoin brings growing attempts in the cryptocurrency industry to mitigate the environmental damage of mining. This movement can be advanced by Musk, who this week separately offered $100 million for inventions that can pull carbon dioxide from oceans and seas.


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