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Why Elon Musk is Pushing Renewable Energy for Cryptomining

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San Francisco / USA – Mar, 2020: Elon Musk, CEO of SpaceX, founder of Tesla. Famous entrepreneur. Vector portrait illustration.

The ‘Dogefather’ Elon Musk  delivered his ultimatum on Sunday, essentially. 

It’s pretty easy to see why. When the goal of your business is to reduce fossil fuel consumption, it’s important to take a lead. Elon Musk’s tweets about Bitcoin are the all-time best example of just how much power he holds. 

There are many things we can admire Elon Musk for, and chief among them is this move. Regardless of what our personal opinion is, he purposely took a risk in order to take a stance.

Also, he’s not wrong. It is stated that Bitcoin production (or mining) is estimated to generate 22 to almost 23 million metric tons of carbon dioxide emissions per year. According to this report, that’s somewhere between the amounts produced every year by Jordan and Sri Lanka. 

So it makes sense why the owner of an electric car company, which was made to cut down emissions, would want to stop receiving payments in something that causes such emissions. 

While thinking about that can give us a headache, it’s important to realize one important thing: This is good news. 

After all, when was the last time a billionaire actually did something about the environment? Just like Elon’s support for Doge, maybe it’s part of a longer game, one that is nestled in Musk’s future plans with renewable energy. Perhaps his wrestling with the price of Bitcoin, causing so many others to become wannabe crypto bull wranglers has a deeper purpose… 


The Real Reason Why Elon Musk Might Be Cracking Down on Bitcoin Miners 



Seeing the fallout from Elon Musk’s tweets leads down a rabbit hole. Eventually, you discover his plan to build the world’s largest virtual power plant. Musk unveiled an ambitious plan for 2022 and beyond to power 50,000 homes in South Australia over four years with free solar panels and Tesla batteries. It is estimated that this will produce 20 percent of the entire state’s daily energy requirements. This could lower energy bills for the households involved by 30%. 

What do lower energy bills mean? Increased savings, more consumer spending power, and a more efficient economy – especially in times of such staggering inflation. While this is great news in concept, so far, it’s going to be conducted in South Australia. Are we going to see more places getting the Magic Musk Energy Booster Shot? 

Is it so farfetched to believe that Elon Musk’s tweets about crypto mining emissions might be to prepare for something bigger? Could we see a future tweet from Musk launching a sustainable-only  crypto mining company? Perhaps he will lobby with governments using his company’s products as leverage. It’s almost like he’s saying Be sustainable or else! 

It’s similar to the old concept of having a monopoly on something, and offering it only to those who meet certain requirements for saidpurchase. So in essence, this makes Elon Musk the world’s first ‘Robinhood Baron’. 

But hey, what about Lithium?  

Salinas Grandes Salt Desert, Jujuy, Argentina

US-based auto manufacturers are going all in on EVs. The real fuel behind the world’s best electric cars like Tesla (NASDAQ:TSLA), Nio Inc (NYSE:NIO) ? 

 Even the fictional Robinhood wasn’t a complete saint (We’re talking about the story, not the trading platform made infamous after they vetoed retail investor’s positions in Gamestop Corp (NASDAQ:GME). The EV boom, Elon’s tweets and the crypto craze all over shadow the biggest and least-spoken-of elephant in the living room of modern history: Lithium.  

The Lithium Triangle, an area spanning portions of Bolivia, Chile and Argenita contains more than half the world’s supply of metal under salt flats that make it look like an alien world. Miners drill a hole in the salt flats, then wait for brine to surface, and after 12-18 months extract filtered lithium carbonate. It’s cheap, effective, but uses 500,000 gallons of water per tonne of lithium mined. 

In Chile’s Slar de Atacama, lithium mining consumed 65% of the area’s water supply. The farmers there relied on this. Not sure Elon can fix that with a tweet. 

This leads us to another point… Could Elon Musk be cracking down on Bitcoin miners because of the damage the lithium boom is causing?

Elon Musk might be an easy scape goat, yet the need for lithium carbonate existed long before he was coding in his tiny apartment in San Diego. 

The Conclusion

Ultimately, the golden rule seems to be to follow the money. Dips in crypto like BTC can be a good thing, especially when it means more people get access to the crypto markets. 

Elon Musk is completely right. By discouraging pollution from cryptomining, he sets a precedent for others to hopefully do the same. 

Investors looking to diversify into standard markets can look to Lithium stocks as the EV boom continues to gain ground. Maybe TSLA (NASDAQ:TSLA) won’t be the first electric car sold for a cryptocurrency. 

 

Featured Image & Other Images: Megapixl, DepositPhotos

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SoftBank to Invest $75 Million in Crypto Exchange Bullish

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SoftBank has made enormous investments into the crypto space recently. For example, it has invested $200 million in a Brazilian company Mercado Brazil.

SB Northstar, an investment unit of Japanese corporation SoftBank, has agreed to invest $75 million in Block.one’s cryptocurrency exchange, Bullish. The filing done with the SEC on July 9, 2021, showed that SoftBank will buy $7.5 million units of shares at $10 each.

The Tokyo-based company had previously invested $300 million in a private offering as a sign of commitment. Currently, Bullish has a market valuation of $9 billion and is expected to undergo a SPAC merger with Far Peak Acquisitions. The merger is scheduled to take place before the end of 2021.

After the merger, co-founder of Paypal and former president of the New York Stock Exchange (NYSE) Thomas Farley, will become the CEO of Bullish. Block.one CEO Brendan Blumer, will on the other hand serve as chairman.

Also, SB Northstar LP will purchase 3 million warrants to buy shares of Far Peak when Bullish goes public. The warrants will be got from sponsors of the SPAC, or its core investors below regular cost. This will result in a $1.5 million loss. According to James Cassel, Chairman of Cassel Salpeter & Co., this is done by SPACs to attract high-profile investors.

At the time of writing, Bullish was yet to identify Sb Northstar as one of the buyers in any of its press statements.

While some critics have faulted the decision by the firm to go public so early on, others suggest the move will increase the value of Block.one blockchain. Yet another group led by Sam Bankman-Fried opines that the move will see Bullish become like MicroStrategy for cryptocurrencies.

Bullish and Other Crypto Investments of SoftBank

SoftBank has certainly made enormous investments into the crypto space recently. Earlier in the month, it had invested $200 million in a Brazilian company Mercado Brazil. It had also invested funds in a Brazilian money management firm Hashdex. Again, the bank is reportedly leading the $530 million funding round of the famous sports NFT platform Sorare.

Commenting on Bitcoin recently, Chief Executive Officer of SoftBank, Masayoshi Son had stated that cryptocurrencies can no longer be ignored because of their rising popularity. Son previously held bitcoin but had sold it all in 2018.

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



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Vizsla Inu: Charity for Dog Shelters Created With Crypto Transactions

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Place/Date: Budapest, Hungary – July 16th, 2021 at 7:00 pm UTC · 3 min read
Contact: Peter Guelsen,
Source: Vizsla Inu

Hungarian Crypto platform Vizsla Inu achieved an increase of 151.43% in token value with a market cap increase of 144% and is set on a mission to help Dog Shelters. The exchange rate of the Vizsla Inu coin increased 950 times in a month of its launch. Hungarian Vizsla Inu is the first investment and charity-oriented cryptocurrency that has shown incredible performance and popularity among users. By bringing the same on the blockchain technology, this Hungarian crypto platform is creating benefits for the coin holders and organizations that take care of the dogs.

Accessible Crypto For Everyone

The motive of building Vizsla Inu is not just to help charitable organizations for dogs but to create a crypto world that is attainable and understandable for everyone. The purpose is to build a trustworthy platform that interacts with everyone in a transparent manner.

The development team of Vizsla Inu is optimistic about the impact it will create and about the collective impact the project can build across the globe. Their strategic growth decisions and marketing campaigns are targeted to create positive imagery of the platform and help every user become a part of a world where dogs are loved, cared for, and adored.

 $HVI Token

The $HVI token will transact on the platform to help the dog shelters with donations every time the Vizsla coin is traded on the platform. While the users interact with the platform to create more coins, it will benefit the users and the organizations meant for dogs.

The community-driven token will bring better value to the Vizsla holders. The leadership team is also highly passionate and positive about the impact Vizsla coin is destined to create in the world.

They concur that while continuously building on the unlimited potential of the Vizsla coin, the focus will be on creating a transparent and sustainable project.

Planned Marketplaces for Better Connectivity

Three different but interconnected marketplaces are planned to be built under the Vizsla Inu project. The Merchandise, NFT, and Charity Marketplace will have an integrated system for processing payments on all three channels.

Some portion of these proceeds will go towards the charitable missions effectuated by Vizsla Inu and let the community become a part of a better world.

About Vizsla Inu

In a short time after its launch, the Vizsla Inu coin has generated an impressive market cap and got listed on CoinHunt, Poocoin, BSCScan, CoinSniper, and several more platforms. It has seen an increase of 257% in the number of coin holders and has been recognized by the Hungarian media. It is a platform that is driven by an urge to build a community of crypto enthusiasts and access an understandable crypto platform while helping dog shelters with charities generated from the platform-based transactions.



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Polygon, Fireblocks Partner to Provide Secure Interface for Institutions

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The Polygon network supports faster and cheaper transactions. By integrating with this, institutions will have access not just to faster and cheaper means of transactions, but to a secure system only comparable to that of major chains.

Polygon (previously known as Matic) is collaborating with Fireblocks to bring more security to projects, individuals and institutional users on its platform. Fireblocks is known for delivering a secure interface through which digital assets can be issued, stored, or moved. In partnering with the Ethereum-based network, its extensive retinue of security infrastructure and tools will become available to users on the network.

There are a variety of such tools available on Fireblocks. All of them are built to facilitate mainstream cryptocurrency adoption. Some of those that will become available to Polygon users are Fireblocks Asset Transfer Network, MPC Wallet-as-a-Service, and Fireblocks’s Security platform.

The Asset Transfer Network is a secure gateway for buying and selling vast sums of cryptocurrencies between institutions. For the MPC Wallet-as-a-Service, it ensures a safe and efficient means of conducting transactions with multi-owner digital wallets. The Security platform provides secure hardware devices to safeguard highly valued wallets e.g. those used by centralized exchanges, etc.

Implications of the Polygon and Fireblocks Collaboration

The Polygon network supports faster and cheaper transactions. By integrating with this, institutions will have access not just to faster and cheaper means of transactions, but to a secure system only comparable to that of major chains.

Another implication of the integration will be that institutions will be able to access all secondary deployment of protocols, and native DeFi platforms on the Polygon network; there are quite a lot of them because of the high scalability of the Ethereum network.

Chief Executive Officer, and co-Founder of Polygon, Jaimti Kanani said, “I’m very excited to be working with Fireblocks to provide an institution-friendly way of accessing the Polygon Commit Chain.” He noted that Fireblocks’ extensive tools suite boasts capabilities comparable to that of major funds and institutions that interface with the blockchain. Particularly, he pointed out security and regulatory compliance that will be made possible because of Fireblocks.

“Now, accessing Polygon for institutions is as easy as any other major blockchain,” he concluded.

Fireblocks is an enterprise-grade multi-layer security platform that helps customers and investors secure their funds by providing a safe infrastructure that allows moving, storing, and issuing digital assets without cyber attacks, internal collusion, and human error. The franchise enables banks, Fintechs, exchanges, liquidity providers, OTCs and hedge funds to securely manage digital assets across a wide range of products and services.

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



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