December 9, 2022
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Tesla will start accepting “green cryptocurrencies”? –

A few hours ago, we learned that Tesla would no longer accept BTC payments for its products. Reason? Bitcoin mining is bad for the environment. Will the company open up to other, “green cryptocurrencies”?

Green cryptocurrencies perfect for Tesla

The fact that mining requires a lot of electricity has long been known. Of course, renewable energy is often used to mine BTC, but the general narrative in the media is that mining cryptocurrencies consumes a large amount of energy. Currently, the dominant trend in the world of politics is the fight for a clean environment. It is possible that Tesla decided to give up its bitcoin payments.

Earlier, the company announced that it had purchased Bitcoin worth $ 1.5 billion. This took place in February 2021. Soon after, she suggested that she would start accepting BTC as payment for her products. In March, it was revealed that US customers can now pay for cars using cryptocurrency.

Now the company added:

Tesla will not sell Bitcoins and intends to use them for transactions as soon as mining moves to a more sustainable energy.

It added that the company is interested in cryptocurrencies that use less energy per transaction than BTC.

The last sentence is crucial here. Will Tesla open up to other cryptocurrencies? Musk himself recently He was asking on his Twitter profile to see if his fans would like to buy his company’s cars with Dogecoins.

A chance for Ether?

However, it is worth considering whether Tesla will start accepting other cryptocurrencies.

Ether consumes an estimated 62.56 kWh per transaction. The Ethereum network is currently based on Proof-of-Work (like Bitcoin’s blockchain), but this is expected to change with the project’s transition to Ethereum 2.0, which will introduce Proof-of-Stake. This consensus model is up to 99% more energy efficient than PoW.

XRP Ripple can also become an alternative, because all XRP tokens have been pre-mined, and transactions within this network require a small amount of energy, amounting to only 0.0079 kWh.

Stellar Lumens (XLM) is also close to XRP as all the tokens of this network were excavated at the time of the project’s inception.

Another candidate is Algorand. Not only is it based on Pure Proof-of-Stake, its development team announced on April 22 that its blockchain had become fully carbon neutral.

Of course, at the end of the list is Dogecoin, whose fan is Musk. Will the cryptocurrency-meme become a major project and Tesla’s currency?

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