SpaceX owns Bitcoin, Elon Musk and Nic Carter believe BTC is becoming greener

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Cointelegraph 21 July, 2021 - 08:44pm 59 views

Does Elon Musk own ethereum?

Musk also revealed he personally owns Ethereum, sending the price of the Bitcoin rival past $2,000, as well as Dogecoin, the meme cryptocurrency he has taken a particular interest in in recent months. ForbesElon Musk Still A Bitcoin ‘Supporter’: ‘I Own Bitcoin, Tesla Owns Bitcoin, SpaceX Owns Bitcoin’

Musk revealed that SpaceX owns Bitcoin and that Tesla may be close to accepting BTC payments again after looking into BTC’s sustainability.

The company is yet to officially announce how much Bitcoin it has purchased, however Musk's other company Tesla purchased $1.5B of the cryptocurrency earlier this year which sparked a major Bitcoin price rally.

That rally came to an abrupt end after Tesla stopped taking Bitcoin payments due to environmental concerns, but speaking at "The ₿ Word" — a virtual Bitcoin (BTC) event — the erratic tech billionaire suggested Tesla was on the verge of accepting the cryptocurrency again following promising signs the percentage of renewable energy used for mining was increasing.

The changing narrative of Bitcoin going "green" may help reignite a rally, with Coin Metrics co-founder Nic Carter telling CNBC a few hours ago that BTC’s fundamentals are getting better in terms of sustainability.

Musk appeared alongside Ark Invest CEO Cathie Wood, and Twitter CEO Jack Dorsey, and moderator Steve Lee from Square Crypto. Musk did not reveal any additional details about SpaceX's purchase apart from saying:

He did add that: “We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.”

The statement confirms longstanding speculation the space infrastructure company was adding Bitcoin to its reserves. In mid-March, Anthony Scaramucci claimed in a Tweet that he believed Musk did not stop with just Tesla's purchase.

Elon Musk didn’t stop with Tesla. I understand that SpaceX owns #bitcoin on its balance sheet. @elonmusk owns over $5 billion in #bitcoin via Tesla, SpaceX, and personally. No living person has done more to protect the planet against climate change. (1/2)

During the event, Musk donned a BTC themed t-shirt and appeared to be relatively optimistic about the future of digital gold as he stated that he owns "much more Bitcoin than Ether or DOGE."

In case you were wondering, this is the shirt that @elonmusk is wearing. pic.twitter.com/SNd0a8LLjj

Musk stated that there “appears to be a positive trend” in renewable energy usage for BTC mining, citing the recent closure of coal-powered mining plants in China.

“I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin,” he said.

Speaking about Musk’s latest comments with CNBC’s Fast Money on July 22, Carter said he was “glad” that Musk had began to evaluate the “ facts on the ground because they are very favorable.”

Carter echoed Musk’s sentiments on China-based BTC mining, noting that the “Chinese hash rate was very much influenced by energy produced by coal,” and that there had been a lack of transparency from “anonymous miners” in that region.

“The fundamentals are getting better in terms of the sustainability of Bitcoin,” Carter said. The Coinmetrics co-founder pointed to the fact miners in the U.S and Canada are more likely to use sustainable practices and are more willing to disclose information.

“A lot of that [mining in China] has been replaced by mining in Canada and the U.S., where miners are much more sustainably focused. We’re also seeing a lot more disclosure from miners, 32% of the hash rate joined a council, the Bitcoin Mining Council, and they produce quarterly disclosures now,” he said.

Related: Bitcoin mining difficulty drops for fourth time in a row

Carter referenced the Bitcoin Mining Council's (BMC) recent study which surveyed 32% of miners on the BTC.network. The poll produced an estimate of a 67% sustainable power mix in Q2.

It is unclear if Musk has factored in this survey as part of his due diligence, however, as it relied on self-reported data from a limited set of just three survey questions.

Carter conceded that the sustainability of BTC is not going to be fully verifiable until the world sees where the majority of miners set up shop following the exodus from China. However, in his own view, he stated that:

Read full article at Cointelegraph

Tesla's 2016 SolarCity Acquisition Was Approved By 85% Of Tesla's Shareholders

CleanTechnica 21 July, 2021 - 02:30pm

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One of the top cleantech stories of recent weeks (or months) in the mainstream media has been Elon Musk’s trial regarding Tesla’s acquisition of SolarCity. We haven’t covered it, because we covered the acquisition years ago in depth and we don’t typically cover lawsuits, but since it’s been so broadly covered, let’s touch upon some things that may have been left out of the media coverage.

Yesterday, I stumbled upon Steve Mark Ryan’s video where he talked about how Elon Musk and the plaintiff’s attorney went at it. I grabbed some popcorn and dove right in — and learned some more details surrounding the SolarCity acquisition that I personally didn’t know since I wasn’t following Tesla back then. These details are well known to those who followed Tesla pretty closely for many years, back into 2016 at least, but a large number of us started following the company more recently.

CleanTechnica reader survey chart in November 2016.

There are a few key takeaways from Steven’s video that I wanted to share:

From the recent reports and the lawsuit, it would seem as if Elon Musk randomly bought SolarCity. Articles claiming that shareholders were upset and were suing gave the impression that Elon took the company hostage, when this is not the case at all if you just look at the shareholder vote (which Elon abstained from). Steven emphasized several times in his video that shareholders from both companies — himself included — voted in favor of Tesla’s SolarCity acquisition. Somehow, though, that has hardly been mentioned in coverage of this trial.

Steven pointed out that one of the keys to Tesla’s success today is its vertical integration — a brilliant idea that made so much sense. For those who don’t understand what this means, there are two types of business integration strategies: vertical and horizontal. In the case of the latter, a company would buy a competitor — for example, Tesla buying Ford or another automaker. Vertical integration, however, is a strategy that moves the company forward or backward to cover more of the supply chain. Since Tesla already had plans to become an energy company, it seems like this was a brilliant move. Today, Tesla is able to increase its profits with more control over its products, and solar technology is blossoming like a flower in the summer.

In Tesla’s 2016 blog post, which announced the combination of Tesla and Solar City, Tesla stated:

“Solar and storage are at their best when they’re combined. As one company, Tesla (storage) and SolarCity (solar) can create fully integrated residential, commercial and grid-scale products that improve the way that energy is generated, stored and consumed.”

There were many voices of opposition, doom, and gloom surrounding this decision and all were claiming that Tesla would fail. However, most of the media and critics forgot Tesla’s mission, which is to accelerate the transition to sustainable energy. That core mission doesn’t even reference cars or transport, ironically. Tesla isn’t here just to sell solar or cars. Anyone can do that. Tesla is here to accelerate the transition to sustainable energy, which involves both.

In Elon’s first Tesla Master Plan blog post, he got into more detail on what the company’s goals were:

Take note of the bold text (emphasis added), the date of that plan, and the date of the SolarCity acquisition, and then look at today’s progress and compare. It’s crystal clear that under the guidance of Tesla’s shareholders, who made the final votes on the 2016 acquisition, this was the best move for Tesla to pursue its original vision.

Tesla isn’t just trying to make money, it’s trying to make large-scale changes to society, and today we can look back and see that the company is doing just that. EVs are in the mainstream and are gaining market share globally with each passing year. Tesla is the leader of the automotive stock market, and even though it doesn’t sell many EVs compared to legacy auto, its voice is loud and clear. Legacy automakers have stopped mocking Tesla and have started trying to compete or even copy it. This type of change doesn’t happen overnight, and we are still witnessing the changes. Tesla’s not finished — not by a long shot.

Steven and others on Twitter have pointed this out. No matter how negative the headlines have gotten, it seems that as of late, the fear, uncertainty, and doubt (FUD) some create about Tesla isn’t working. Perhaps this is why many have taken shots at Elon Musk, calling him “billionaire” as an insult. Yes, he’s a billionaire, but he didn’t steal money from the poor as the negative connotation would have.

What Elon did (after starting a few companies based on his interest in computers and selling them for a good amount of money) was put all of his money on the line in order to pursue his largest visions — two of those being the electric transportation revolution and the solar energy or clean energy revolution. To many people’s surprise, he has succeeded much more than he has failed and Tesla is now a well integrated sustainable energy company that offers the most competitive, top selling electric cars in the world as well as the cheapest rooftop solar power in the United States.

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