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Tesla Thinking to Adopt New Cryptocurrency for Payments!

Elon Musk has disclosed that due to environmental issues, Tesla will stop all BTC trades and focus on more energy-efficient cryptocurrencies. 

On 13th May, Elon Musk transmitted seismic waves through the crypto markets, showing Tesla won't accept any BTC car payments until the ecologically friendly use of mining bitcoin.

Musk points out that while Tesla awaits clean power from Bitcoin, the company will focus on "other cryptocurrencies," which consume less than 1% of Bitcoin's resources per transaction.

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The Twitter post sent most of the crypto world into a whirlwind of excitement about what Tesla would explore with other crypto elements.

"The Cryptic Poet," a Twitter influencer who forecasts that "Tesla will either be using ETH or XRP," told his 45,000 supporters on Twitter. At the same time, the user "Massimo" said that if Tesla is using ETH in its current condition — using Proof of Work much as Bitcoin does — then it could also "stick with BTC."

Bitcoin is valued at around 700 KWh by payment as per a study by TRG data centers. Every year it consumes almost as much electricity as the Netherlands. Still, compared to Digiconomist, its annual CO2 contribution is more similar to Singapore, perhaps because of inexpensive green energy for a significant percentage of mining.

(Note: power usage figures per purchase are contentious and are therefore merely used as a very raw comparable instrument).

 

Ethereum and POS

It is determined that, by transaction, Ethereum absorbs 62.56 KWh. Presently the Ethereum framework is protected using the same energy efficiency consensus approach as Bitcoin – Smart contracts or PoW. Digiconomist calculates that the cumulative carbon emissions of the Ethereum network are equal to Sudan.

Joe Clapis, Rocket Pool's donor at the beginning of this month, demonstrated the argument while using the power bank and hard disc attached to the raspberry pi for 10 hours of Eth2 validators in his forward lawn.

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Consequently, the imminent network upgrade to ETH 2.0, which will add proof-of-stake, or PoS, will fix these problems. Nimbus estimates that PoS is 99% better power-saving than PowerWorks, according to the PoS opinion.

However, both of the evidence-of-stake chains are probably 99 percent more productive than Bitcoin, so that Tesla might choose between Solana and Cardano.

 

Ripple

Ripple (XRP), since all the XRP assets were pre-mined and the Transfers of XRP incur small quantities of resources of just 0.0079 kWh in the TRG data centers, maybe Tesla's option in the short term. Based on the SEC litigation.

In addition to the proof-of-working blockchains, Ripple routinely writes and launches blog entries.

 

Stellar

Stellar Lumens (XLM), like all his coins, were mounted at regeneration, is also following the XRP model. The Network also uses the Stellar Consensus Protocol (SCP) to authenticate transactions that consume fewer resources than the PoW and PoS stake versions.

 

Algorand

Algorand could be a competitor for other coins. It is running Pure Proof-of-Stake, but on 22 April, the squad revealed it was completely carbon-neutral.

Algorand has partnerships with ClimateTrade, a Spanish technology company developing a CO2 market to allow businesses to monitor their pollution to meet broad sustainability objectives. The companies will collaborate to create a sustainable oracle that will carbonize the network.

 

Dogecoin

The dark horse (dark dog?) maybe Elon Musk's favorite Dogecoin in this series for a long time. The satire coin capitalizes most of its mining on Litecoin, the Proof-of-Work network.

But since Bitcoin mining utilizes the SHA-256 hyper algorithm, Dogecoin and Litecoin are being extracted by scrypt (though considerably less secure). It is noteworthy enough that while TRG Data Centers add 18,522 kWh of electricity per payment to LTC, Dogecoin is expected to use only 0.12 KWh.

This week, when Musk put up a Twitter vote, he may have been aiming at specific figures to ask if Tesla must start taking Dogecoin payments.

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