Kraken chief tells Elon Musk to study Bitcoin mining more

Elon Musk, the founder of Tesla, should study Bitcoin mining more, as it is far more environmentally friendly than people think. In an interview with Bloomberg, Kraken CEO Jess Powell said.

He acknowledged that there could be greener alternatives to Bitcoin. But in his view, people overestimate the environmental harm of cryptocurrencies.

Mining digital gold enables the utilization of large amounts of excess and wasted energy and supports the development of the electricity sector powered by renewable sources, Powell says.

“I do not know how long Elon has studied mining, but I hope he will study this topic a little more,” Powell said.

Earlier Musk said the condition for resuming sales of Tesla cars for Bitcoin would be a confirmed transition of at least half of miners to renewable energy.

The company began accepting payments in Bitcoin in March 2021, but by May stopped selling the cryptocurrency, explaining the decision was due to concerns about the environmental impact of mining.

As reported, the founder and head of the BTC.TOP mining pool, Jiang Zhuoer, in response to Musk’s statement, said that as a result of the latest prohibitive measures by Chinese authorities regarding mining, the share of renewables surpassed 50% in the industry’s energy consumption.