Elon Musk Bringing Up Environmental Concerns Will Be 'Changing Point' For Bitcoin, Says CEO Of Green Mining Company

Tesla Inc. TSLA CEO Elon Musk’s recent comments on Bitcoin’s (BTC) energy consumption will be a “changing point” for the apex cryptocurrency, according to the CEO of a green crypto mining company.

What Happened: “I believe what he said will be a changing point for the way Bitcoin is perceived. He is casting a spotlight on energy use for electricity in Bitcoin, which is relevant,” Robert Chang, CEO of Gryphon Digital Mining, told Yahoo Finance.

The executive also noted that while Bitcoin’s emissions are large, they are not “out of this world.”

Chang added he believes attaining carbon-free mining is now “doable” and the notion that renewable has to be more expensive is not true.

See also: How to Buy Bitcoin (BTC)

Gryphon Digital Mining, which operates using hydropower, raised $14 million in funding last month to launch its Bitcoin mining operations with zero carbon footprint.

The company also recently signed the Crypto Climate Accord, which strives to achieve net-zero greenhouse gas emissions for all signatories by 2040.

See Also: Cathie Wood's Ark On Tesla Stopping Bitcoin Payments Says Concerns Over Energy Consumptions Are 'Misguided'

Why It Matters: Musk said last week that Tesla will no longer accept Bitcoin for vehicle purchases due to concerns over the cryptocurrency’s environmental impact. The electric automaker started accepting Bitcoin in March after it had bought $1.5 billion worth of the cryptocurrency in February.

The potential environmental damage of cryptocurrency mining has been a subject of debate and controversy. According to the Cambridge Bitcoin Electricity Consumption Index, the amount of energy needed to mine Bitcoin is more than the electricity consumption of countries such as Argentina and Ukraine.

Musk’s recent comments about Bitcoin and meme cryptocurrency Dogecoin (DOGE) have whipsawed the cryptocurrency markets.

Price Action: Bitcoin is down 37.8% from its all-time high of $64,863.10 reached on April 14 this year. However, the apex cryptocurrency is up 2.5% during the last 24 hours and is trading at $40,328.58 at press time.

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