XRP Lawyer Rejects Elon Musk’s Views on Bitcoin Mining Energy Consumption – Cryptopolitan
In May 2021, Tesla CEO Elon Musk announced that the company was suspending vehicle purchases with Bitcoin due to concerns about the rapid increase in fossil fuel consumption for BTC mining. Musk’s comments raised concerns about the energy consumption associated with Bitcoin mining and whether it was sustainable in the long term.
However, XRP advocate John Deaton has rejected Musk’s views on Bitcoin mining energy consumption, saying the argument loses force in the current scenario. According to Deaton, people will be more focused on the state of the economy rather than the amount of energy consumed by Bitcoin mining.
The macro environment and the US banking crisis
Deaton made his comments in the context of the current US macro environment, which is underscored by the volatility surrounding the ongoing regional banking crisis. The crisis came at a time when the US central bank is continuing to raise interest rates in the effort to tighten to be able to bring inflation down to the 2% target.
Deaton emphasized that people are going to be much more concerned about jobs and finances, and much less concerned about how much energy BTC uses. He believes that the energy consumption argument loses its legs and that there are other factors that are more important in today’s macro environment.
Recent data has shown that the Bitcoin mining ecosystem has made steady progress in increasing the share of sustainable energy consumption. While concerns about the energy consumption associated with BTC mining remain, the industry is taking steps to address these concerns.
For example, Bitcoin miners are increasingly using renewable energy sources such as solar and wind power to power their mining operations. This shift towards sustainable energy sources helps reduce the environmental impact of Bitcoin mining and makes the industry more sustainable in the long term.
Bitcoin price slips amid news of recovery in US bank stocks
Meanwhile, the Bitcoin price has fallen amid news of some uptick in US bank stocks, as well as the Commodity Futures Trading Commission’s (CFTC) latest action on crypto exchange Binance. The CFTC has reportedly opened an investigation into Binance over allegations that it allowed US customers to trade derivatives products without the required registration.
The news of the CFTC investigation has increased the uncertainty surrounding the cryptocurrency industry and has led to a decline in the price of Bitcoin. However, some analysts believe that the decline is only temporary and that the industry will continue to grow in the long term.
XRP attorney John Deaton believes that the energy consumption argument raised by Elon Musk is losing force in today’s macro environment. While concerns about the environmental impact of Bitcoin mining remain, the industry is taking steps to address these concerns and shift towards more sustainable energy sources.
Conclusion
The drop in Bitcoin price amid news of the CFTC investigation into Binance is only temporary, according to some analysts. The industry is expected to continue to grow in the long term and to become more sustainable and environmentally friendly. As the cryptocurrency industry continues to evolve, it is likely that we will see more debates about its environmental impact, and more efforts to address these concerns.
