Tesla announced on Monday it had purchased $1.5bn worth of Bitcoin, which boosted the entire cryptocurrency sector. However, some criticized the move due to the added financial risk this imposed on the automaker.
Today the BBC joined in with the criticism by saying this undermines Tesla’s environmental credentials.
“Critics say electric-car firm Tesla’s decision to invest heavily in Bitcoin undermines its environmental image.”
The BBC article pulls data from research conducted by The Cambridge Centre for Alternative Finance. Their work estimates that, over a year, Bitcoin mining consumes more electricity than Argentina.
“Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year – and is unlikely to fall unless the value of the currency slumps.”