Why Bitcoin, Dogecoin, and Ethereum Just Crashed

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The Motley Fool 08 July, 2021 - 10:10am 23 views

When is ETH London hard fork?

Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

Analysis: Limited capacity, logistics to slow Chinese bitcoin miners' global shift

Reuters 08 July, 2021 - 01:35pm

Bitcoin is created or "mined" by high-powered computers usually at data centres in different parts of the world, competing to solve complex mathematical puzzles in a process that makes intensive use of electricity.

The industry in China, which accounted for as much as 70% of the world's capacity, is in disarray after the State Council, or cabinet, announced a crackdown on bitcoin trading and mining in late May targeting financial risks.

Miners in China are now shutting down or looking to move out, seeking tolerant authorities, low temperatures lest machines overheat and cheap electricity - ideally surplus power from hydro plants or oil fields that would be wasted.

The power consumed by bitcoin mining globally in early July equates to an annual consumption almost as large as Austria's, according to estimates from researchers at the University of Cambridge, even after falling 50% since May.

While the move is set to fuel the emergence of new mining centres in the longer term, for now the miners are running into limited data centre capacity overseas and logistical challenges.

"None of these guys are getting online in June or July," said Thomas Heller, chief business officer of Compass Mining, explaining miners needed to collect machines scattered around China, test, clean and pack them, ship them abroad, and get through customs before installation.

The logistics are harder for smaller Chinese miners with less cash on hand to pay for shipping, and who are also unfamiliar with operating overseas so may struggle to find hosting centres they can trust, miners say.

Nonetheless Compute North, which runs data centres hosting bitcoin miners in Texas, Nebraska and South Dakota, for example, is accelerating expansion plans slated for next year to meet "a massive influx of inquiries" from China.

"There's no doubt in my mind that we're going to see a lot of computers sitting in warehouses for the next six, nine, 12 months as the infrastructure catches up," said Compute North Chief Executive Dave Perrill.

"We are targeting the first and second quarter of 2022 for large scale deployments ... (but) it's not a simple switch, it takes a lot of complex engineering, procurement and construction."

Moscow-based BitRiver, which operates data centres in Siberia hosting bitcoin miners, has accelerated plans to build new facilities and expand existing ones to meet some of the demand from those leaving China.

BitRiver estimates demand for space in its facilities will rise to 1.5 million mining machines requiring up to 2.5 gigawatts of power, dwarfing its current three data centres' 125 megawatts.

"We know companies are leaving China because they are running straight to us," BitRiver spokesperson Roman Zabuga said.

China's ban on bitcoin mining may see up to 90% of all mining in the country go offline, according to an estimate by Adam James, a senior editor at OKEx Insights. Some miners are dumping machines in despair.

Kazakhstan-based hosting centre Hive Mining is receiving about four inquiries daily from Chinese potential clients, asking about prices, availability and regulations, said co-founder Didar Bekbauov.

Kazakhstan simply doesn't have enough ready-to-use space in data centres to host all those miners, he said.

The ructions in Chinese bitcoin mining, however, are not bad news for everyone.

"Our revenue automatically increased after several hundreds of thousands of bitcoin mining machines suddenly went offline in China," said Dale Irwin, president of Greenidge Generation, a New York-based bitcoin mining and power generation facility.

The algorithm governing bitcoin keeps production at a regular pace, adjusting roughly every two weeks to require more computing power to generate bitcoin if many machines are mining, or less if fewer.

Since China's crackdown, the computing power mining bitcoin hit a six-month low.

Kevin Zhang, vice president for business development at U.S.-based Foundry, a crypto mining, financing and advisory firm, said the crackdown could drive geographical diversification in the longer term.

"A lot of countries previously untapped by bitcoin miners, like in Southeast Asia, South America or Australia will be incentivised to use their stranded renewable power," he said, "These energy markets weren't needed before."

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China's stepped-up scrutiny of overseas listings by its companies and a clampdown on ride-hailing giant Didi Global Inc (DIDI.N) soon after its debut in New York have darkened the outlook for listings in the United States, bankers and investors said.

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Argo Blockchain, A Cryptocurrency Mining Firm Awaits Secondary Listing On Nasdaq

bitcoinist.com 08 July, 2021 - 01:35pm

Agro Blockchain that concentrates on cryptocurrency mining is desiring a secondary listing on Nasdaq. The crypto-mining company was already the first to appear on the London Stoch Exchange listings.

While announcing, Agro blockchain revealed its intention of getting a secondary listing on Nasdaq. According to the statement, this new desire is part of the company’s strategy and operational upgrades in June 2021.

The Company also announces that it is exploring a potential secondary listing on NASDAQ. Argo has not made any decisions regarding the timing or the terms of the potential secondary listing.#ARB $ARBKF

— Argo (@ArgoBlockchain) July 6, 2021

The cryptocurrency mining firm mentioned that it has not arrived at any decision for the timing of the listing. It said that it’s not yet clear when the listing will be implemented.

Furthermore, it disclosed that the market and other conditions always influence proposals on listings. Thus, there’s no clear assurance if the listing is ready.

In a move for its recent update, Agro Blockchain revealed the company undertook the mining of 167 Bitcoin.

The Bitcoin that was mined boasts revenue of £4.4 million which is equivalent to $6 million. The mining profit rate for the technology company runs at 78%.

From the information revealed, Agro Blockchain now has a total mining revenue of about 883 BTC year-to-date. Also, the technology company is planning to hold 1,286 BTC or its equivalent as the month ends.

Peter Wall, CEO of Agro Blockchain, attributes the downplay in the crypto industry to the big changes in June.

According to Wall, there is a drastic decrease in the total hash rate globally and mining challenges. In addition, China’s crackdown on crypto mining also contributed to the downplay in the industry.

Recall that China’s crackdown on crypto miners threw several mining companies and the entire crypto industry into chaos.

Some of the mining companies were seen packing up and moving out of the country. Others sold their hydroelectric plants to travel abroad.

The entire activity harmed the price of digital assets. Bitcoin was the most affected cryptocurrency as the price of BTC plummeted drastically.

Wall concluded that amid these happenings, Agro Blockchain still strived through them all. As a result, the company maintained a continuous delivery of strong revenue that crossed an impressive margin.

Agro Blockchain set a milestone in 2018 as the first crypto mining firm to be listed on the London Stock Exchange. The firm placed more than 159 million ordinary shares at 16 British Pence ($0.22) per share.

From TradingView data, at the time of its listing, the stock surged to reach its all-time high of over £2.80, which amounts to $3.90 in February.

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

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Crypto Price Warning: Goldman Sachs Issues Surprise Future Of Bitcoin And Ethereum Prediction

Forbes 08 July, 2021 - 01:35pm

Bitcoin's rally, adding almost 300% to the bitcoin price over the last 12 months, has been dwarfed by ethereum, the second-largest cryptocurrency after bitcoin by value. The ethereum price has added some 800% since this time last year.

Now, as those in the cryptocurrency industry try to forecast the market's direction, analysts at Wall Street giant Goldman Sachs have predicted ethereum has the potential to eclipse bitcoin in the coming years—and warned the extreme crypto price volatility means it can't compete directly as a safe haven asset like gold.

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Ethereum's ether token "currently looks like the cryptocurrency with the highest real use potential as ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications," Goldman Sachs researchers wrote in a note to clients this week, first reported by Business Insider.

Ethereum has seen a flurry of activity on its network over the last 12 months due to the soaring popularity of so-called decentralized finance (DeFi) and non-fungible tokens (NFTs)—both overwhelmingly built on ethereum's blockchain.

This year, DeFi, the idea that traditional financial products can be recreated using crypto technology in place of the bank, has grown to a multi-billion dollar market while NFTs, tokenizing all manner of digital assets and media on the blockchain, have captured the attention of artists, creators and sports stars.

Goldman Sachs is the latest in a string of investors to name ethereum as a better bet than bitcoin. Last month, the chief investment officer at $100 million digital asset investment manage Two Prime predicted ethereum will eventually "flip" bitcoin to become the largest cryptocurrency by value.

Bitcoin, at a price per coin of $32,000, currently has a market capitalization of around $600 billion, while ethereum, at $2,100 per ether token, is worth a combined $250 billion.

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Meanwhile, Goldman analysts warned the competition between bitcoin, ethereum and a myriad of ethereum rivals that have sprung up in recent years is exacerbating volatility and holding cryptocurrencies back from become so-called safe-haven assets like gold.

"Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities," the bank's researchers wrote. "We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge. This competition among cryptocurrencies is another risk factor that prevents them from becoming safe-haven assets at this stage."

The bitcoin price crashed back from an all-time high of around $65,000 per bitcoin set in April after China moved to again crackdown on cryptocurrencies in the country and Tesla billionaire Elon Musk rowed back on plans for closer bitcoin integration.

The sudden price crash wiped more than $1 trillion worth of value from the combined cryptocurrency market capitalization in recent months.

Bitcoin price at risk of $30K retest following bearish triangle breakdown

Cointelegraph 08 July, 2021 - 01:35pm

An overnight crash in the Bitcoin spot market Wednesday brought prices down from $35,077 to $32,250.

Dubbed as a Symmetrical Triangle, the structure forms when an asset fluctuates between two converging trendlines.

In doing so, the asset rebounds after testing the Triangle’s lower trendline as support and pulls back upon treating the upper trendline as resistance. Eventually, it breaks out of the range, in the direction of its previous trend, and falls by as much as the maximum distance between Triangle’s upper and lower trendline.

Bitcoin was trending inside a similar Triangle-like consolidation pattern until it ultimately broke below the structure’s lower trendline. As a result, the flagship cryptocurrency’s probability of shifting its downside target near $30,000 increased. That is partly because the structure’s maximum height was shy of $2,550, and subtracting it from the point of breakout (~$33,878) lands the price objective near $31,308.

The bearish setup also surfaced as Bitcoin tested $32,334 as its interim support in Thursday’s early London session. A minor bounce ensued that took the price above $32,600. However, the rebound lacked additional upside conviction owing to a bearish divergence between prices and volumes, suggesting that Bitcoin might resume its trend to the downside.

Peter Brandt, chief executive of Factor LLC — a global trading firm — also suggested a decline toward $30,000, albeit using a different indicator. The veteran trader spotted BTC/USD exchange rates inside a rectangular pattern, a price block that has lately been keeping Bitcoin in a medium-term bias conflict.

The price traded midway through the rectangle upon pulling back from its upper trendline resistance. Such a move typically prompts the spot BTC/USD rate to fall toward the lowest rectangle support level, which coincided with $30,000.

Unsupportive macroeconomic fundamentals, in part, fueled the latest Bitcoin price drop.

The primary among them was the minutes from the Federal Reserve’s gathering that came out Wednesday around 14:30 EST. As expected, the United States central bank officials suggested that they might end up pulling back their support of the economy sooner than they had expected.

“Various participants mentioned that they expected the conditions for beginning to reduce the pace of asset purchases to be met somewhat earlier than they had anticipated at previous meetings in light of incoming data,” the minutes read.

Bitcoin tends to benefit from loose monetary policies.

The cryptocurrency surged from as low as $3,858 in March 2020 to as high as $65,000 in mid-April 2021 as the Fed slashed its benchmark lending rates to near zero, thus affecting the U.S. dollar’s purchasing power, and started buying government bonds and mortgage-backed securities at the rate of $120 billion per month, pushing down yields.

For clarity, central banks’ asset purchase programs cause inflationary pressures, for they expect to monetize a part of the government’s deficit spending. Such purchases tend to inflate prices of equities and fixed-income investments. Coupled with cheaper lending, the loose monetary programs increase fiat liquidity in the system, boosting Bitcoin’s “superior store of value” narrative against an unlimited dollar supply.

As a result, investors started shifting to riskier safe-haven assets, including Bitcoin, to seek better returns. But as soon as the fears of the Fed’s tapering grew over markets, Bitcoin started declining. On Wednesday, Bitcoin’s move lower from above $35,000 came right after the central bank’s minutes went public.

John Miller, a financial analyst associated with Seeking Alpha, noted that the Fed’s hawkish notions offset chairman Jerome Powell’s aim to ensure strong long-term monetary accommodation. In the latest minutes as well, Powell called the U.S. economic recovery weak, citing weak job growth in June.

“The Fed’s accommodative balance sheet policy will continue to support elevated liquidity in the banking system and backstop asset prices,” Miller wrote.

Alexey Veledinskii, product owner at cryptocurrency spot and derivatives exchange Digitex, anticipated Bitcoin to hold $30,000 on persistent inflation concerns. He said:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop

Cointelegraph 08 July, 2021 - 01:16pm

It’s a tale of two Bitcoins as active miners reap the benefits, while others remain completely offline.

According to figures from monitoring resource Blockchain.com, daily revenues have surged by over 50%.

Bitcoin mining is currently in a unique state of flux — around half of the hashing power is offline as miners relocate from China, and it remains unknown how quickly they will be able to come back online.

At the same time, those miners unaffected by the Chinese rout have seen half their competitors disappear overnight, and profitability has gone up as a result.

With data now coming in for the past few weeks, the scale of the changes is plain to see. Daily mining revenue was around $20.7 million on Friday, the day before the difficulty adjustment. A day later, it hit $29.3 million, and by Tuesday this week — $31.9 million.

This is all a consequence of a “very interesting dynamic,” analytics firm Glassnode summarized in a video guide to this week’s edition of its newsletter, “The Week On-chain.”

“We have a very interesting dynamic where approximately 50% of the hash power is currently offline and incurring a great number of costs due to logistics and just simply not hashing, having hardware that’s not currently working, and the other 50% has essentially seen half their competition drop off the network,” it explained.

For active miners, profitability has reverted to around the levels seen when BTC/USD traded at $55,000–$60,000.

The result has been felt not just by miners. Average block times hit their highest levels ever over the past week, Glassnode added, beaten only during Bitcoin’s “bootstrapping” period in 2009–2010, before the cryptocurrency even had a solid price in United States dollars.

Other on-chain metrics likewise record the dichotomy between different groups of miners.

These show, among other things, how some are spending treasuries due to relocation costs while being unable to mine new coins and receive a share of block rewards and fees.

At the same time, others have been holding on to more BTC per block than they are spending — part of an uptrend that continues despite the drop in price, which has also reached over 50%.

“This is certainly one to watch,” Glassnode advised.

Bitcoin Diamond, Flow: Mid-Cap Cryptocurrencies In Top 1% Of The Asset Class | Investing.com

Investing.com 08 July, 2021 - 08:51am

The second quarter of 2021 was an extremely volatile period for the cryptocurrency asset class. Prices moved significantly higher in 2020 and Q1 2021. The parabolic rally continued into Q2, but the price explosion became an implosion for many cryptos during May and June.

Elon Musk’s concerns about the carbon footprint of crypto mining may have caused some selling. China’s ban on mining and some trading activity turned the bull into a ferocious bear as Bitcoin, Ethereum, and other tokens halved in value from all-time highs reached during the second quarter.

The long-term price appreciation remains staggering. Opponents of the asset class look at the recent corrections as the beginning of the end. Supporters believe it presents a golden opportunity to buy.

Volatility can be a nightmare for investors, but it creates a paradise for traders looking to profit from wide price ranges in a frantic market. Meanwhile, the memories of fantastic returns from owning many of the cryptos currently available remain a powerful force for those looking for the next digital currency that will deliver life-altering profits.

Bitcoin Diamond (BCD) and Flow (FLOW) have higher market caps than nearly 99.9% of the asset class. However, both have market caps below the $500 million level, making them mid-cap cryptos.

According to CoinMarketCap, the cryptocurrency asset class’s market cap stood at the $767.482 billion level at the end of 2020. On Mar. 31, it rose to 1.978 trillion, a 157.72% rise.

During Q2, the market cap peaked at over $2.4 trillion until Bitcoin, Ethereum, and a host of other tokens reached unsustainable levels. The selling that caused token prices to plunge sent the market cap for the entire asset class to the $1.447 trillion level at the end of Q2, a 26.85% decline for the period.

However, over the first half of 2021, the market cap was 88.54% higher than at the end of 2020.

Bitcoin and Ethereum are the 800-pound gorillas in the cryptocurrency asset class. Over the first six months of 2021, Bitcoin posted a 20.09% gain. The price moved from $29,137.74 on Dec. 31, 2020, to $34,991.38 per token on June 30.

Meanwhile, Ethereum rose from $742.31 at the end of 2020 to $2,265.49 on June 30, a 205.19% gain over the six-month period. Both Bitcoin and Ethereum may have halved in value from their respective Q2 highs as they became falling knives, but the six-month performance remains impressive.

A trend in the leading cryptos developed over the past months. Ethereum delivered ten times the percentage gain as Bitcoin over the first half of 2021. In Q2, while Bitcoin posted a loss, Ethereum managed to move higher from the Q1 closing level.

The monthly Ethereum futures chart shows the wide price variance in Q2. However, the second-leading token managed to gain 16.20% in the second quarter of 2021.

Bitcoin’s decline and Ethereum’s rise during Q2 came as market participants favored Ethereum’s protocol, leading to the outperformance. The other over 10,700 tokens experienced lots of price volatility in Q2.

Bitcoin Diamond (BCD) is a fork of Bitcoin that seeks to add more transaction capacity to the network. There are ten times more BCD than Bitcoin tokens, meaning the total supply will eventually reach 210 million tokens. BCD’s website states Bitcoin Diamond is better than a credit card, cash, or fiat currency.

Source: CoinMarketCap

The chart shows that BCD came to market with great fanfare in late 2017 when the price peaked at $94.22. But the token’s price collapsed.

While BCD made a higher low of $10.42 on May 7, 2021, it was just over the $2 level on July 6 and has slipped a bit lower since. BCD is a mid-cap cryptocurrency that has performed more like coal than a diamond since the November 2017 high.

Flow (FLOW) is a blockchain designed for extensive scaling without the use of sharding techniques. Sharding is a database partitioning technique used by blockchain companies to enhance scalability that enables increased transaction processing.

Sharding reduces the latency or slowness of a network since it splits a blockchain network into separate shards. FLOW assists apps like NFT marketplaces and crypto-infused video games. FLOW’s website outlines it is a blockchain built for “the next generation of apps, games, and the digital assets that power them.”

Source: CoinMarketCap

The chart illustrates that FLOW began trading in late January 2021 and traded in a range from around $6.40 to $38.59 per token. The price trended lower since early April, reached a low of $6.67 on June 22, and has been rebounding over the past weeks.

BCD and FLOW are mid-cap cryptocurrencies. When considering adding any cryptos to your portfolio, only invest capital that you can afford to lose as volatility is likely to continue.

Moreover, with over 10,770 cryptos floating around in cyberspace on July 6, many will wind up as dust collectors in computer wallets. Some tokens could deliver incredible rewards, but they will be the exception rather than the norm.

Bitcoin traded sideways again on Wednesday in what looked more like a consolidation of the bear trend than a reversal pattern. This meant we were more likely to head lower...

There is a summer lull in the crypto market, which, however, may just be the calm before the storm. Over the past 24 hours, Bitcoin has lost 7% and is trading around $32.3K. The...

The BTC rate keeps consolidating around the $35,000 mark in anticipation of new fundamental drivers. Over the past 2 months, bears have made several attempts to push the rate below...

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Bitcoin Cash, Polkadot, Ethereum Classic: 08 July

AMBCrypto News 08 July, 2021 - 05:00am

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Another day, another attack from the market’s bears.

The prices of most cryptocurrencies dropped after Bitcoin rejected the resistance at $35,000. The price dropped by over 6% and went as low as $32,799. Needless to say, the altcoins were quick to follow suit.

Bitcoin Cash [BCH], for instance, along with Polkadot [DOT] and Ethereum Classic [ETC], also dropped lower on the price scale, making the spot market more volatile.

Source: BCHUSD on TradingView

Bitcoin Cash‘s price mirrored Bitcoin’s trajectory in the market over the past few hours. Its price fell within a descending channel and finally found support at $491.65.

According to the Visible range, on its way down, BCH was highly traded at $499. This could be the level traders are comfortable with when it comes to the asset. This could also suggest that the low price could remain between $491 and $499 in the short term. Meanwhile, to maintain this level, buying pressure may have to rise and as per the Relative Strength Index, BCH was returning from the oversold zone on the charts.

Nevertheless, momentum has remained negative due to the high volatility in the market.

Source: DOTUSD on TradingView

Polkadot‘s price was climbing higher and hit $17.67, before it tumbled down to $15.73. As the asset tried to stabilize at this price level, the 50 moving average crossed above the candlesticks, underlining the high downward pressure. This was highlighted by the Stochastic RSI which remained in the oversold zone as the buying and selling pressures fought it out.

The southbound pressure in the market also pushed the Chaikin Money Flow to zero. This meant that the money that was flowing into the market was flowing out. This was a bearish sign for DOT’s price.

Source: ETCUSD on TradingView

Ethereum Classic‘s market saw a swing in the market trend as the price collapsed. The market turned extremely volatile and the price had not yet found a stable footing at press time.

ETC’s price dropped under the support level at $50.96 after its plunge from $55. This $5 shift in price pushed the bears deep into the market and as highlighted by the Directional Movement Index, ETC’s market was dominated by selling pressure. The -DI surged high above the +DI and maintained its distance. This could mean more losses for ETC’s price.

The MACD indicator affirmed the bearishness as the MACD line crossed under the signal line.

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Bitcoin strategy: Why traders should follow this lead

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

China's war on cryptocurrencies reaches a new level - Gizchina.com

Gizchina.com 07 July, 2021 - 06:09am

The People’s Bank of China announced the closure of a company that develops software services for virtual currency transactions. Additionally, the PRC Central Bank warned other businesses against any assistance to such organizations; including the provision of premises or marketing services. China’s fight against cryptocurrencies began at least in 2013; but until 2021, law enforcement has gradually softened after each new tough rule was applied.

In May of this year, China completely banned financial institutions and payment services from providing any services related to cryptocurrencies. In June, there were mass arrests of people that may be using cryptocurrencies for criminal purposes. Also, in the same month, local regulators increased pressure on banks and payment systems, banning any services related to cryptocurrencies, and the Chinese version of Twitter, Weibo, blocked accounts in one way or another related to cryptoassets. As of July, half of the world’s bitcoin mining companies have simply disappeared.

The reasons why China suddenly became very tough to any attempts to turn cryptocurrencies are still unknown. The most unusual theories, such as the one that the authorities are “putting things in order” for the centenary of the Chinese Communist Party, which falls on this year, apparently. More realistic are the assumptions that cryptocurrencies are widely used by criminals, are difficult to control, track transactions, and that the PRC intends to “clear the way” for its own digital yuan, which has been developing and testing for years. In theory, central bank digital currencies (CBDCs) allow you to track virtually any transaction in real time, allowing them to track any spending by any citizen. In addition, Beijing may be concerned about capital flight using third-party digital currencies.

According to experts and market participants, China is just wasting efforts; and in the long term will even contribute to the development of cryptocurrency markets. After the bans, transactions and mining moved abroad, while the bitcoin rate remained relatively stable.

Recently, the Bitcoin exchange rate peaked in the last couple of weeks, having risen in price to $ 40,000; after the head of Tesla Elon Musk rejected criticism related to its influence on the cryptocurrency market. He stated that the company has sold part of Bitcoin, but may return to using it.

The course of the world’s most famous cryptocurrency has long and firmly been dependant on Musk’s statements. In February, the company acquired Bitcoin for $ 1.5 billion; and Elon Musk announced the sale of electric vehicles for him. Later, he also stated that the cryptocurrency would not be accepted due to the businessman’s concern about its impact on the environment due to the high energy consumption in the process of its “production” and circulation. Musk promised to return to consideration of possible transactions after receiving confirmation of the environmental safety of energy use by miners.

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