OK, ouch. So much for the CO2 save...

RonTCat

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One step forward, eleventy-seven back

Don’t think that I’m merely being cynical about what some tech companies are doing when confronted with the rising catastrophe of climate change and decrepit American infrastructure.


Why else would Elon Musk commit $100 million to a carbon capture prize while his publicly traded energy company invests $1.5 billion in Bitcoin? Some analysts estimate that the deal and the resulting skyrocketing price of the cryptocurrency will erase all of the gains in emissions offsets from the use of every Tesla ever made.


“The immediate impact of Tesla’s buy is that the Bitcoin price went up by more than $5,000. We can estimate this will lead to the network consuming an additional 34 TWh of electrical energy per year. That’s about the size of a country like Denmark’s total annual electrical energy requirement. We can also estimate this will result in an additional 17 million metric tons of CO2 being put out by the network every year,” wrote Alex de Vries, the founder of the cryptocurrency analysis site, Digiconomist. “According to Tesla, the amount of CO2 saved by Tesla vehicles adds up to 3.7 million tons. The amount of additional CO2 produced by the Bitcoin network, as a result of Tesla’s buy, would thus amount to more than four times the amount of CO2 saved by all their vehicles to date.”
 

jhalkias

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One step forward, eleventy-seven back

Don’t think that I’m merely being cynical about what some tech companies are doing when confronted with the rising catastrophe of climate change and decrepit American infrastructure.


Why else would Elon Musk commit $100 million to a carbon capture prize while his publicly traded energy company invests $1.5 billion in Bitcoin? Some analysts estimate that the deal and the resulting skyrocketing price of the cryptocurrency will erase all of the gains in emissions offsets from the use of every Tesla ever made.


“The immediate impact of Tesla’s buy is that the Bitcoin price went up by more than $5,000. We can estimate this will lead to the network consuming an additional 34 TWh of electrical energy per year. That’s about the size of a country like Denmark’s total annual electrical energy requirement. We can also estimate this will result in an additional 17 million metric tons of CO2 being put out by the network every year,” wrote Alex de Vries, the founder of the cryptocurrency analysis site, Digiconomist. “According to Tesla, the amount of CO2 saved by Tesla vehicles adds up to 3.7 million tons. The amount of additional CO2 produced by the Bitcoin network, as a result of Tesla’s buy, would thus amount to more than four times the amount of CO2 saved by all their vehicles to date.”
Truth.
 

GoGoGadgetMachE

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The Teslastans lost their mind on Twitter about this. And then there was this.

1614045469895.png
 

DBC

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Wonder why Tesla would announce the Bitcoin investment when it did? Oh wait, I forgot reports out of China and Germany were the proverbial bad news! As the business columnist for the LA Times noted:

"When things are going well, Musk promotes the good news relentlessly. When they’re going not so well, there are plenty of sideshows in the offing to distract followers from Tesla’s bottom line."

The whole article is here: https://www.latimes.com/business/story/2021-02-10/tesla-bitcoin
 

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