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Mark Cuban reaffirms BTC plans after Tesla snub sparks concerns

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Billionaire ‘Shark Tank’ star Mark Cuban said today that Dallas Mavericks, the Cuban-owned NBA basketball team, will continue to accept BTC regardless of the concerns around the asset’s alleged energy usage, as per a tweet this morning.

BTC saves the environment 

Unlike what the popular consensus seems to be, Cuban said that using cryptocurrencies help the environment instead. “We will continue to accept BTC/ETH/DOGE because we know that replacing gold as a store of value will help the environment,” Cuban’s tweet read, in response to electric carmaker Tesla’s decision to discontinue BTC payments for its cars as of Wednesday.

The Mavs, as they are fondly called, became the first NBA team to accept cryptocurrencies as a payment method for stadium tickets and merchandise earlier this year. The move was an instant success—with the team raking in $122,000 worth of Dogecoin via sales within the first few weeks alone.

But the environmental concern of proof-of-work (PoW) cryptocurrencies, mainly those of BTC, have heightened over the past year in line with rising prices. ETH, although still a PoW currency, uses a tenth of BTC’s energy demands in comparison (and hence doesn’t attract as much criticism.

PoW networks rely on entities that use massive amounts of computational energy (called miners) in order to validate transactions on and maintain such networks. They are rewarded in that network’s token—BTC or ETH, for example—for their work…and to also foot a massive electricity bill (computer rigs require a lot of capital to be maintained and run).

Such power usage has stirred up criticism.


A BBC report from earlier this year went as far as saying that BTC used as much energy as all of Argentina with little data on the type of energy used. It is estimated that over 80% of BTC’s energy requirements do, in fact, come from renewable sources like hydroelectricity—which proponents say nullifies the ‘bad for environment’ argument.

Still, firms like Tesla differ, “We are concerned about (the) rapidly increasing use of fossil fuels for BTC mining and transactions, especially coal, which has the worst emissions of any fuel,” posted Musk on Twitter.

The move attracted widespread criticism from several quarters, with some stating that Tesla and Musk should have researched the energy allegations before their dictum.

Still, as far as Cuban is concerned, cryptocurrencies like BTC remain the way to go. Perhaps it’s down to which billionaire’s opinion do you choose?

The post Mark Cuban reaffirms BTC plans after Tesla snub sparks concerns appeared first on CryptoSlate.


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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