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BTC is greener than people think – Kraken CEO

2 min read

TL;DR Breakdown

  • BTC greener than people say
  • Elon Musk needs more training on BTC

Kraken’s CEO Jesse Powell has said that mining BTC and other cryptocurrencies are actually greener than many people think.

He said this in a recent interview while calling on Tesla CEO, Elon Musk to learn more about BTC mining.

Why Musk needs more training on BTC – Kraken CEO

The Tesla boss although a known crypto fan (BTC and Doge), took his relationship with these coins to the next level after he announced that his electric car-making firm, Tesla would begin accepting payment in cryptocurrencies. He reverted on that weeks after saying that owning to the amount of environmental degradation caused by BTC mining, BTC payment for Tesla cars are suspended.

Musk started to frequently bash the high energy consumption levels BTC mining requires.

However, Musk has promised again that when there is proof 50 percent of energy used by miners to mine BTC is renewable, Tesla would begin accepting BTC payment again.

The Kraken CEO while explaining that BTC is greener than people think said that Elon Musk should study more BTC mining as the asset is doing a lot in terms of renewable energy usage.

He agrees there could be greener alternatives, he said that BTC is greener than people give it credit. “I don’t know for how long Elon has been studying this, but I think he’s got some more studying to do on this topic.”

Powell explains surge in new cryptoers has cooled down

Powell, the Kraken CEO outlined significant user growth experienced in the early months in 2021. He said more users signed up in that short period than in the entire 2020.

He says that might not be anymore now because the cryptocurrency market is no longer in such a bullish territory. BTC and most altcoins have slid by up to 50 percent of their respective peaks, and most traders tend to be on the sidelines when such price movements transpire, Kraken CEO explained.

He said a lot who came for quick gains have sold off more rapidly during the market crash last month.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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