In mid-May 2021, billionaire Elon Musk sent a tweet that crashed the cryptocurrency market. The Tesla CEO announced the electric vehicle company would no longer accept bitcoin for purchases due to its huge energy consumption. So why does crypto-mining use so much electricity, and is there a sustainable alternative? CNBC’s Nessa Anwar is joined by Ryan Browne to explain.
Contents of this video:
0:00 – Intro
0:34 – What makes crypto different?
1:19 – Why was crypto-mining introduced?
1:49 – How does crypto-mining work?
2:19 – The big problem with crypto-mining
3:23 – How much energy does Bitcoin use?
4:17 – Is it just Bitcoin with these issues?
4:35 – Bitcoin’s biggest mining countries
5:04 – Bitcoin blackouts
5:20 – Governments hit back at miners
5:46 – The benefits of crypto
6:00 – Crypto vs online banking
6:55 – Ethereum’s plan to lower energy use
7:40 – Is crypto-mining worth it?
—–
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44 Comments
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I just care about GPU prices please bring them back to normal 🙁
<<* Elon is playing with the system. No other way to cut it. Does anyone really think that a wealthy businessman like Elon would risk investing BILLIONS in Bitcoin without first doing the research and knowing how much energy Bitcoin mining is using? I'm calling bull because no, he wouldn't have. I already knew it. Two things, if power consumption was an issue he would leave Tesla because if only 30% of the country drove Tesla it would put more energy pressure on the power grid than mining Bitcoin. But it won't kill Bitcoin. Bitcoin doesn't need Elon. It was designed to not need such people as it is decentralized which is why I know what I know today regardless of the current market (bulls or bears). I didn't think it was possible to earn regularly in trading until I came across the Bryan Cheon's program for investors / newbies who need to understand how trading works, I made over 6.4 BTC with help from Bryan, He stands out for his experienced skills in the field. Here are his details of him on Tel-gram @@ Bryancheon … ** >> .. + .. 1 .. 2 .. 5 .. 3 .. ..2..6..0..6. .8..2..0. <**
This is how an idiot who pretend to know something looks like….
I hope everyone who sees this comment succeed in the stock market:)
banking system is scared hence more and more content against mining and bitcoin. lol
This is so dumb. Lmao they keep saying blatantly wrong things and don't even bother to try and figure out the truth. Typical of humans. Takes a few minutes to google this and find out that unused appliances that are plugged in use more energy than bitcoin, which is already 70% green energy.
Philippines🇵🇭
Mabuhay
Back then gets 50 are very easy, now 0,000000000000000000001 are pain in the as*, back then only 2 wall to reach main sources now trilliun wall because everyone wants to get fee lol 😂
Miss Harry Jane is the best ,recommending her to all beginners who wants to recover losses like I did
😇
IOTA
I feel sorry these reporters
Nice video, I was able to build a big income stream during the covid-19 pandemic investing with a professional broker, Mrs Magdalena Ferguson.
ATM machines use more energy…
So many spams here…
Lame-O.
The joke at the end of this, made my day 🤪😂😂😂
Nice video
China : u said democratize the financial system 😡😡😡😡😡
i thought bitcoin was the only decentralised asset arnt most alt coins been pre-mined like xrp only few owners own the majority of the market of that particular alt coin not just xrp.
How much energy does Christmas tress 🎄use all over the world??
Because of the economic crisis and the rate of unemployment now is the best time to invest and make money 💯
the Bitcoin network uses 0.5% of global electricity consumption and we are crying about this why??
Before bitcoin, the monitor in this video may fall off the table!!
I make huge profits on my investment since i started
trading with Ryan Jeffries her trading strategies are top notch
INVESTING IN CRYPTO NOW SHOULD BE IN EVERY WISE INDIVIDUALS LIST, IN SOME MONTHS TIME YOU'll BE ECSTATIC WITH THE DECISION YOU MADE TODAY
Comment flooded with angry bots
Crypto sunk😆
This video is just a repeat of other videos in the many past.. i want to know the truth about u.s pipeline hacker, how the u.s manage to hack the hackers account and get back the money they pay in bitcoin. I thought u cant hack bitcoin so how come?
When cost soo much energy?…. BECAUSE ITS FUTURE!!!
VRAU.bani.mej.ches.999990000000p.billon.2021.jul.3.
I am really confused
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Bitcoin is the future, investing in it now will be the wisest thing to do especially with the current rise in bitcoin
The solution…. Mass Electricity thief….. Didnt solve the problem but hey it free energy to support our crypto future
That actually cracked me up. CNBC never miss a beat.
Some day bitcoin is gonna be like tulipans in netherlands
maybe their responsible for the chip shortage too
It wasn’t the tweet that crashed the market it was his Saturday night live that crashed it
I'M NEW TO BTC AND I'VE BEEN MAKING LOSSES TRYING TO MAKE PROFIT MYSELF IN TRADING…I THOUGHT TRADING DEMO ACCOUNT IS JUST LIKE TRADING THE REAL MARKET… CAN ANYONE HELP ME OUT OR AT LEAST ADVISE ME ON WHAT TO DO?
Elon : bitcoin unefficient, not good
Market : crash
Elon : bitcoin wasn't that bad afterall. Im buying tho
Market : confused screaming
Cryptoloons REFUSE to address this MASSIVE waste of energy and fossil fuels burned JUST to make these POINTLESS calculations.
What would happen if all those computers and servers doing all that mining got wiped out by an asteroid or volcano or nuclear bomb or tsunami?
Anything important or practical or relevant to the real physical world? (FYI: I am a mathematician and math is the real abstract world. But, math is proving theorems. Not pointless repetitive calculations.) What would Bitcoin be worth then?
The economy isn't about dollars, bitcoin, etherium, or anything else. It's about resources and services, bitcoin provides neither. For everyone saying its going to 'democratize' finance, doesn't seem to realize how wealth inequality, or stake holders work. Crypto's will be like any other financial resource, controlled by those who own the most actual resources, that are willing to be stake holders. Also crypto has been around for a decade now, and there really isn't anything I can do now, that I couldn't do before crypto (besides a fake ID I bought in college). That does not justify the financial, and now energy investment. Listen to Buffet, Gates, and Munger.