On Thursday, prominent entrepreneur and investor, Bitcoin influencer Anthony Pompliano (aka Pomp) went on CNN on Thursday to discuss the sudden move of Elon Musk to quit selling Tesla cars for Bitcoin.
“XRP is “cleaner” than Bitcoin” – statement Pomp was unable to contradict
The host Julia Chatterley assumed that currencies like XRP or Ethereum are not mineable and therefore are “cleaner” and “greener” than Bitcoin and Pompliano was unable to beat that with his argument about money being stored energy.
Despite his long speech about seventy-five percent of BTC miners producing Bitcoin using some sort of renewable energy sources and fifty percent using only renewable energy sources, Julia reminded Pomp that such crypto currency as XRP does not require any mining at all, and so it does not waste energy, renewable or not.
She also mentioned Ethereum, however, ETH is a mined, Proof-of-Work cryptocurrency and the shifting to Proof-of-Stake algorithm is only planned when the blockchain fully implements all the stages of Ethereum 2.0 upgrade.
Tesla and the “clean” Bitcoin mining theory
When the conversation moved back to Tesla dropping Bitcoin payments and what motives could drive Elon Musk to do that, the host said that neither Tesla, nor Musk have sold their Bitcoin holdings.
Pompliano reckons that in the future Tesla is likely to come up with a Bitcoin mining product that will allow to use a hundred percent renewable energy. And so far, he said, Elon Musk has been just pulling focus on this problem to pop out and offer a solution later on.
He even assumed that the Tesla CEO may have likely bought the Bitcoin dip after the asset plunged to the $47,000 level on his own tweet.
At the moment, Pomp added, sixty-five percent of all BTC mining is done in China, using energy from fossil fuels, like oil, coal, etc, that produce heavy emissions.
But now this majority is gradually moving to the US and Canada – the regions where clean energy is easier to find and encouraged to use as well.
China seeks to ban high energy consuming projects
Meanwhile, as reported by U.Today earlier, head of the Chinese Communist Party Xi Jinping, has announced that the country will be targeting the standard of lower emission rates.
Companies with high energy-consuming levels that are unable to live up to the new standards will be banned.