ON WEDNESDAY, Tesla CEO Elon Musk stated that his electric vehicle and solar businesses could assist bitcoin miners in switching to renewable energy. A scarcity of battery cells currently limits them. He also admitted that Tesla’s custom-designed 4680 cells are still not mass-produced for use in electric vehicles or energy storage systems.
During a presentation at The B Word Conference, the remarks were made, which focused on bitcoin and other cryptocurrencies. During a panel discussion, Square Crypto CEO Steve Lee posed a question to Musk about how the energy-intensive bitcoin industry could accelerate. Well, I think Tesla can play a role,- Musk responded. The 50-year-old CEO then paused for a moment of thought, implying that Tesla’s sole purpose was to transition the world to clean energy.
Since acquiring SolarCity in 2016 for approximately $2.6 billion, Tesla has been selling commercial and residential solar installations. A transaction that landed Musk in a Delaware court this month.
However, before entering the solar business, Tesla developed and began selling energy storage products in 2015. Including a backup battery for homes called the Powerwall and more significant batteries that can store intermittently generated solar. Also, wind energy so that it is available for use whenever utilities require it.
Musk reminded his audience on Wednesday that Tesla has installed a number of these utility-scale energy storage systems. That have assisted utilities with load-levelling the grid, including in South Australia and elsewhere. However, he noted that battery production was currently limiting output.
Cell production is, in fact, the limiting factor for us right now. As a result, we must both produce Tesla internal battery cells internally and increase supply from suppliers. Musk also stated that even if Tesla can manufacture its battery cells, it will continue to rely on other battery cell manufacturers. Panasonic, LG, and CATL are its current cell suppliers.
Not quite done
Musk wrote in a Twitter exchange with fans following the bitcoin conference. Tesla is still not entirely through with the volume production of its custom-designed 4680 battery cells.
He also admitted that Tesla sold the ultracapacitor business of Maxwell Technologies and other assets to UCap Power, a San Diego-based startup led by Gordon Schenk. The latter was previously Tesla’s VP of sales for its Maxwell division.
Maxwell had acquired by Tesla in 2019 in a deal worth more than $200 million. The terms of Tesla’s sale to UCap Power Inc. has not been disclosed. However, they may discuss this during its second-quarter earnings call on Monday, July 26.
At The B Word conference, Musk stated that energy storage systems in conjunction with solar and wind power were not the only ways to transition bitcoin to cleaner energy. He advocated for reducing the environmental impact of bitcoin mining by utilizing existing hydropower, geothermal, and nuclear power.
Mr Musk chastises himself for promoting cryptocurrencies using his celebrity and position as one of the world’s wealthiest people.
Mr Musk stated during his appearance at the B-Word conference that, in addition to the Bitcoin owned by Tesla and his rocket company SpaceX. He held Bitcoin and the cryptocurrencies Ethereum and Dogecoin.
Musk also addressed allegations that he helped artificially inflate the price of cryptocurrencies before selling them. He may pump, but I never dump. I don’t believe in raising the price and then selling.
Twitter CEO Jack Dorsey and ARK Investment Management CEO Cathie Wood were among the other speakers at the B-Word conference. According to the Coindesk website, Bitcoin was up 6% at $31,952 after his remarks, and Ethereum was up 10.6% at $1,979.