NEW YORK, Aug. 14, 2021 (GLOBE NEWSWIRE) — Recently, Traders News Source (TNS) has released a report on ‘Did Tesla Push Crypto Currency toward a Transition in Energy Efficient Blockchain Protocol?’. Traders News Source is a leading independent equity research and corporate access firm focused on finding and reporting on the next hot market sectors and growth stocks is reporting on Tesla’s Elon Musk and Bitcoin (BTC).
If people follow crypto currency at all they likely remember back in February 2021 when Tesla announced a $1.5 billion investment in Bitcoin and a plan to accept digital currency as payment for electric cars. By mid-April Bitcoin was trading at a level over $64K.
Then in mid-May, Tesla, through its CEO Elon Musk, announced it would stop accepting Bitcoin as payment for its electric vehicles citing the rapidly increasing use of fossil fuels for bitcoin mining. It didn’t take long for Bitcoin to retreat to the $40K range it had previously been trading at.
Read their full report on Elon Musk, Tesla and the crypto currency protocol transition here: Full Report
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That statement by Tesla was a wakeup call for many investors and users of Bitcoin. While just about everyone knows about Bitcoin, the blockchain and Bitcoin mining aren’t fully understood by many. Mr. Musk is right, it takes massive amounts of energy to facilitate the computers that mine cryptocurrencies on the blockchain.
Like most industries, innovation is hitting the crypto currency sector with new blockchain mining protocols that use only a fraction of the energy of the protocol used in Bitcoin and Ethereum, two of the original crypto currencies. See which crypto currencies are using the newer protocol in their full report.
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SOURCE: Traders News Source