Sat, December 03, 2022

BTC rebounds after Musk talks to miners about energy usage

bitcoin, btc

Tesla CEO Elon Musk tweeted that he was actively discussing the sustainability of digital currencies with Bitcoin miners. The tweet caused the price of Bitcoin was once again to approach $40,000.

On Tuesday, at 5:54 am Eastern Time, Bitcoin was trading at approximately US$37,961.32. In the past 24 hours, its price has risen by more than 4%.

Almost all other major cryptocurrencies have relatively high trading volumes.

In the past 24 hours, the price of Ethereum has risen by more than 13% to reach $2,550.62. The cost of Dogecoin has been increased by more than 7% to get a 34-cent coin.

A handful of lesser-known cryptocurrencies, such as Tether and Dai, have fallen in price in the past 24 hours. However, the decline is negligible.

Bitcoin’s price grew immediately after Elon Musk’s tweet. Musk writes that he talked to North American Bitcoin miners to reconsider more eco-friendly usage of the energy.

A few hours later, the token initially rose by 4% to $39,824.81. However, the price then fell back to nearly $38,000.

Microstrategy CEO Michael Saylor followed Musk’s tweets. He said that he presided over a meeting between Tesla’s CEO and some BTC miners. According to him, the discussion led to the establishment of the Bitcoin Mining Committee, promoting sustainability.

BTC mining requires a lot of energy. As a result, Bitcoin’s carbon footprint is comparable to that of New Zealand, producing 36.95 million tons of carbon dioxide each year.

Bitcoin’s rise this week follows the turmoil in the cryptocurrency market. The price of Bitcoin fell below $32,000 on Sunday.

Last week’s cryptocurrency sell-off came after the Chinese and U.S. authorities strengthened the regulation and tax compliance of cryptocurrencies.

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