With the main concern of Elon Musk regarding Bitcoin was that it won’t be sustainable for tesla as far as it consumes more than 80% of fossil oils , Bitcoin has attracted the attention of cryptocurrency investors, climate campaigners, and energy experts alike. The currency has been reported to use an awful lot of energy; it currently consumes around 110TW hours per year, placing it at 0.55% of global electricity production or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden.
With the success and evident interest in bitcoin worldwide and its mining has come plenty of research related to the amount of energy it will consume in a few years’ time, provided the trend rises steadily. The idea of this event is try to convince the crypto community and Elon that Bitcoin can be used 100% with renewable energy .
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permission-less, and decentralized financial services. Our primary focus is #Bitcoin.
Like the new #Bitcoin hardware wallet of Square, we’re going to do this completely in the open. Open roadmap, open development, and open source. @square is leading and building this team, and we have some ideas around the initial platform primitives we want to build.
Both Dorsey and Musk’s respective opinions on Bitcoin are somewhat at odds. Where Dorsey has been unapologetic about his enthusiasm for Bitcoin, Musk has expressed concerns about the blockchain’s outsize energy consumption. Tesla announced it would start accepting Bitcoin for purchases in February, but reneged in May. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” wrote Musk at the time.
Other featured & important speakers at the B Word conference include Blockstream CEO Adam Back, ARK Invest CEO Cathie Wood, and Nic Carter, a Bitcoin influencer, all of whom are about as bullish on Bitcoin as Dorsey.
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