Binance Boss Insinuates Elon Musk About Using Electrical Energy For Crypto Mining

Bos Binance Zhangpeng Zhao (Coinmarketcap)

JAKARTA - The boss of the cryptocurrency exchange platform Binance, Changpeng Zhao, made a statement insinuating Elon Musk regarding the use of electricity for Bitcoin mining activities.

In the tweet, Zhao did not specifically mention Elon Musk. Some time ago, Elon Musk has issued a policy to stop the purchase of Tesla by using electric cars because it is claimed to waste energy. Suddenly, the tweet made the price of Bitcoin plummet.

Recently, Changpeng Zhao raised his voice regarding the Tesla boss's decision. He mentioned that when electricity is used for the purposes of the most efficient financial system such as Bitcoin, it is considered a problem for the environment.

“When you use electricity to run the car, it's environmentally friendly. When you use electricity to run the most efficient financial network in the world, it's an environmental issue," the Binance boss said in a tweet on Thursday June 3.

Previously, Elon Musk revealed that although cryptocurrency is a great idea and has a bright future, Musk doesn't want the environment to be sacrificed.

"We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote in a recent Twitter post.

Musk himself is actually a billionaire who supports crypto money. However, he could not allow it to result in harm to the environment.

“Cryptocurrencies are a good idea on many levels and we believe it has a promising future, but it cannot incur major harm to the environment.”

Despite this, Elon Musk has made it clear that he will not sell his Bitcoins. In addition, he also added that the purchase of Tesla electric cars will be reopened if Bitcoin mining activities use renewable energy that is more environmentally friendly.

“Tesla will not sell the Bitcoin it owns and we intend to use it for transactions as soon as mining shifts to more sustainable energy. We are also looking at other cryptocurrencies that use energy <1% of Bitcoin transactions.”

Launching The Independent, a report from the University of Cambridge reveals that Bitcoin consumes more than 121 TeraWatts of electrical energy per hour for a year. This will place Bitcoin in the ranks of the 30 largest electricity consumers in the world. The electricity consumption for Bitcoin mining is also reportedly almost on par with Argentina's electricity consumption.