Environmental issues raised by billionaire Elon Musk regarding Bitcoin are “misguided,” Insider reported.
- Ark Invest Analyst Yassine Elmandjra said Bitcoin could provide a boost to renewable energy and in the long term provide more benefits than disadvantages.
- In a note, Elmandjra said Bitcoin mining could shift intermittent power resources into baseload generation through the storage of energy.
- The analyst said renewables will be able to meet 99% of the grid’s needs with subsidies associated with Bitcoin mining, but only 40% without it.
- Musk last week announced the suspension of accepting Bitcoin payments for Tesla electric cars due to the impact of mining activities on the environment.
- Bitcoin has since plunged 32% from its record high, and has dropped to a new low of $42,000.
- Bitcoin was last trading down 0.99% to $44,832.32 at 12:31 p.m. GMT, according to
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