“To clarify the speculation, Tesla did not sell any Bitcoins,” Musk said on Twitter on Monday. Thus it reacted to the decline in the Bitcoin exchange rate by 7,000 dollars, which is approximately 150,000 kroner. It happened after writing a succinct and vague answer to a question that was clearly asked at night from Sunday to Monday.
An unauthenticated Twitter user is nicknamed Mr. “Bitcoin owners will slap themselves in the next quarter when they discover that Tesla has sold the rest of their bitcoins. But I won’t blame Elon Musk for that,” said the whale.
To clarify the speculation, Tesla has not sold any Bitcoin
Elon Musk (@elonmusk) May 17, 2021
Surprisingly, Musk responded with a brief message, “Really.” Some investors interpreted this as a reaction to selling bitcoins, so they started selling the world’s most popular cryptocurrency.
After dropping to $ 42,212 (CZK 885,050), the value settled above $ 45,000, specifically a single cryptocurrency that traded on Monday after 1pm for $ 45,360 (950,950 CZK).
Elon Musk
Photo: Hannibal Hensch, Reuters
One tweet was enough and the cryptocurrencies started to decline dramatically
Musk shook the world of cryptocurrencies last week. Almost all virtual currencies, not just Bitcoin, are losing more than 20% of their value.
It was enough for the head of the Tesla car maker to announce that people would no longer be able to buy electric cars in exchange for bitcoins. He justified this by saying that he is “disturbed by the increasing consumption of fossil fuels in Bitcoin mining.” However, he emphasized that he still considered cryptocurrencies the currency of the future.
He also believes that people can use bitcoins in his car factory again, but only when mining, which is so demanding in terms of electricity consumption, does not have such an impact on the environment. However, it is unlikely that Bitcoin mining will be environmentally friendly in the foreseeable future. Just because the vast majority of miners work in China.
Musk will now be interested in other cryptocurrencies, in which mining is more gentle and has no such effect on the environment. This week, he posted a poll on Twitter asking people if they would like to buy electric cars for dogecoin.
How are Bitcoin and other cryptocurrencies mined
The ever-increasing value of Bitcoin and other virtual currencies caused the gold rush. And it’s not just among the investors who, hoping to make a potential profit, are terribly buying what they can.
This also applies to miners, since practically the whole world is facing a shortage of graphics cards. The situation even went so far that miners began buying large-scale gaming laptops for use in mining.
As can be seen from the lines above, the greatest demand is for devices that may find application in game collections. To mine bitcoin or other cryptocurrencies, you need to have a whole set of very powerful computers called a mining platform.
On all devices connected in this way, a special program is installed, which then calculates the predetermined calculations, which lead to the gain of virtual currencies. Hence it becomes practically possible to purchase anything for them, or exchange it for real money.
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