Business
Why does Elon Musk say Bitcoin is bad for the environment? – ABC News
Elon Musk says Bitcoin is bad for the environment, and some very big numbers are behind it.
The price of Bitcoin dropped by more than 7 per cent yesterday, off the back of a single tweet by tech billionaire Elon Musk.
Mr Musk’s problem? He said Bitcoin mining is bad for the environment, and as a result he announced Tesla would no longer accept Bitcoin payments.
The move away from the lucrative cryptocurrency saw its price fall significantly but how can a digital currency cause damage to the environment?
After all, calling it “mining” is just a metaphor, right?
What is Bitcoin mining?
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