This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COElon Musk has flipped sides a lot, but a recent tweet seems to have cleared the air - no pun intended. In the tweet, Musk said the following, “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” Bitcoiners were quick to point out that expert estimates show that 70% of the energy consumed in Bitcoin mining comes from renewable resources, aka clean energy. So, what is going on here?I went digging for the original citation of this fact and found that the report is from late 2018, which is undeniably outdated in a market evolving this fast. Even if the numbers are still accurate, the information is long overdue for an update. Worth noting is that at the time of the publication, the ratio of renewable energy vs. nonrenewable energy was tipping in the wrong direction. We all know that Bitcoiners are passionate - and they have a good reason to be frustrated with Musk - but sometimes we can be our own worst enemies. Musk is all over the map, but at least he is willing to critique and assess the things that we just defensively assume to be acceptable, and which may actually be holding us back. Addressing the climate issues head on is a good thing for adoption, and Musk has sparked that debate.Whether we like it or not, companies are worried about the environmental impact of Bitcoin. Musk would not have had a meeting with Saylor and North American miners if he didn't care about Bitcoin. Furthermore, the report pointed out that about 40% of Bitcoin’s hash rate is powered by clean energy, and it's 70% of miners that mix clean energy into their formula. All arguments aside, I have no doubts that this issue will be solved, because it has been brought to the forefront and now absolutely needs to be addressed. We can likely thank Musk for that.Side note - in his tweets, he also reconfirmed that Tesla has only sold 10% of their Bitcoin. So his tweets about "breaking up" were clearly a joke.I am doing TWO LIVE STREAMS today, an AMA with Neeraj Khandelwal at 10 AM EST (link in news) and my normal stream at 2 PM EST. The link for the 2 PM stream is here - https://www.youtube.com/watch?v=duU_nQ3Q5B8In This Issue:Elon Musk Is BackBitcoin Thoughts And AnalysisAltcoin ChartsLive W/ Neeraj Khandelwal Of CoinDCX About Crypto In IndiaMicroStrategy’s "Junk Bonds" Are In High DemandWill Nigeria Lead The Way For Bitcoin In Africa?South Africa To Regulate CryptoMy Recommended Platforms And Tools
The Wolf Den #263 - Clean Mining And Musk
The Wolf Den #263 - Clean Mining And Musk
The Wolf Den #263 - Clean Mining And Musk
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COElon Musk has flipped sides a lot, but a recent tweet seems to have cleared the air - no pun intended. In the tweet, Musk said the following, “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” Bitcoiners were quick to point out that expert estimates show that 70% of the energy consumed in Bitcoin mining comes from renewable resources, aka clean energy. So, what is going on here?I went digging for the original citation of this fact and found that the report is from late 2018, which is undeniably outdated in a market evolving this fast. Even if the numbers are still accurate, the information is long overdue for an update. Worth noting is that at the time of the publication, the ratio of renewable energy vs. nonrenewable energy was tipping in the wrong direction. We all know that Bitcoiners are passionate - and they have a good reason to be frustrated with Musk - but sometimes we can be our own worst enemies. Musk is all over the map, but at least he is willing to critique and assess the things that we just defensively assume to be acceptable, and which may actually be holding us back. Addressing the climate issues head on is a good thing for adoption, and Musk has sparked that debate.Whether we like it or not, companies are worried about the environmental impact of Bitcoin. Musk would not have had a meeting with Saylor and North American miners if he didn't care about Bitcoin. Furthermore, the report pointed out that about 40% of Bitcoin’s hash rate is powered by clean energy, and it's 70% of miners that mix clean energy into their formula. All arguments aside, I have no doubts that this issue will be solved, because it has been brought to the forefront and now absolutely needs to be addressed. We can likely thank Musk for that.Side note - in his tweets, he also reconfirmed that Tesla has only sold 10% of their Bitcoin. So his tweets about "breaking up" were clearly a joke.I am doing TWO LIVE STREAMS today, an AMA with Neeraj Khandelwal at 10 AM EST (link in news) and my normal stream at 2 PM EST. The link for the 2 PM stream is here - https://www.youtube.com/watch?v=duU_nQ3Q5B8In This Issue:Elon Musk Is BackBitcoin Thoughts And AnalysisAltcoin ChartsLive W/ Neeraj Khandelwal Of CoinDCX About Crypto In IndiaMicroStrategy’s "Junk Bonds" Are In High DemandWill Nigeria Lead The Way For Bitcoin In Africa?South Africa To Regulate CryptoMy Recommended Platforms And Tools