Elon Musk & Bitcoin Mining

Tesla CEO Elon Musk shared in a tweet that he had a conversation with bitcoin miners in North America to encourage their plans towards renewable energy usage by bitcoin miners.

And also the miners plans to collaborate with other miners globally to achieve the goal.

Musk commented that the plan was “Potentially promising.”

MicroStrategy CEO Michael Saylor said the miners has agreed to form the “Bitcoin Mining Council” towards this goal.

Tesla and SpaceX CEO Elon Musk said that the Lightning Network will enable the Bitcoin network to meet the increasing user demand in order to make Bitcoin transactions faster and cheaper.

Normally Bitcoin transactions currently costs about $13 in fees and takes 14 minutes transaction time without the lightning network.

With Lightning network, transaction speed costs around one satoshi and transaction speed is super fast.

Tesla CEO Elon Musk wrote in a tweet “To clarify speculation, Tesla has not sold any bitcoin.”

This was after a lot of speculations during the heated exchange on Sunday with other crypto enthusiasts.

People had speculated that Musk’s Tesla Company may have sold its bitcoins or is planning to sell them short.

Also, Tesla had said earlier that it would not sell its Bitcoin reserves after pausing Bitcoin payments.

Author: Mcrypto

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