Recent announcements and actions by Elon Musk surrounding bitcoin mining sustainability raise questions about the reasoning and motivations of Tesla’s Technoking. Is it possible that Musk is playing a calculated marketing game to introduce a Tesla mining solution?
The World of Bitcoin Mining According to Musk
Once upon a time, for 49 days, the world was able to purchase Teslas with bitcoin. Then, on May 12, Elon Musk posted the now-infamous tweet saying that Tesla “suspends” vehicle purchasing using bitcoin due to the increasing use of fossil fuels for bitcoin mining and transactions.
It was a curious announcement. Was Musk not aware of the bitcoin mining footprint in March when announcing that Tesla would begin accepting bitcoin? Or when he bought $1.5 billion worth of the cryptocurrency?
Another question that must be addressed – how many Teslas were actually purchased with bitcoin during those glorious 49 days? No data is available from Tesla on this, but one can speculate that not a single Tesla was paid for with bitcoin. This makes Musk’s announcement even more curious. What propelled him to reverse his earlier decision of accepting bitcoin?
To add confusion and avoid scrutiny for bitcoin’s free fall in the days after, Musk assured the market on May 17 that Tesla “has not sold any bitcoin”.
To clarify speculation, Tesla has not sold any Bitcoin
— Elon Musk (@elonmusk) May 17, 2021
But the green genie was out of the bottle. Bitcoin mining became the conversation that framed the dip. For more than a week Musk just sat aside and let the discussion ramble on while bitcoin lost $250 billion in market value.
Then, on May 20 Musk had an epiphany; all of sudden he came up with a solution for the reputation crisis he himself created for bitcoin: miners would “just post audited numbers of renewable energy vs not.”
I agree that this *can* be done over time, but recent extreme energy usage growth could not…