Bitcoin is constantly the subject of controversy, bringing out pundits, skeptics, and critics of all kinds and of various domains. Economists call it a bubble, investors call it rat poison, and environmentalists claim it is slowly killing the planet.
Energy FUD is an easy target for the cryptocurrency due to the complex, proof-of-work consensus algorithm that requires power to operate, but according to a relatively new figure in Bitcoin investing, the answer to dispelling the energy FUD lies in Elon Musk. But why?
The Bitcoin Network Energy Consumption Conundrum
When Bitcoin was first introduced more than ten years ago by Satoshi Nakamoto, nothing else like it existed in the world. Today, thousands of cryptocurrencies exist all based on some form of the original blockchain technology that launched with the Bitcoin network.
To solve the double-spend issue plaguing past attempts at making digital cash, and to keep the network itself and its assets decentralized – meaning able to function without a third-party intermediary such as a bank – Satoshi added the proof-of-work consensus mechanism.
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Mining is the intensive process of converting energy into the computing power necessary to keep this system in operation. The larger the Bitcoin network grows, the more computing power and therefore energy is required to keep it chugging along.
The network now consumes more energy than small countries like Switzerland and Argentina, and as it expands, so will the demand for energy. The recent growth of Bitcoin adoption almost overnight has environmentalists sounding the alarms, but it isn’t nearly as bad as it seems.
In fact, one CEO could be the answer to the energy FUD once and for all.
This retest could be a once-in-a-lifetime opportunity to get in before it is too late | Source: BTCUSD on TradingView.com
Coming To Save Crypto: How Elon Musk Is The Answer To Energy FUD
Elon Musk has now…