Elon and TSLA got it wrong, and they will know it very shortly...

Moving past the notion that Elon's tweet the other day mostly didn't even make sense considering nothing has changed with bitcoin mining in the past 6 months since he and TSLA decided to purchase it.

His overall thesis was just plain wrong.

Bitcoin is not destroying the planet.

It currently uses a lot of excess energy, energy that was going to be produced anyways. Therefore it's not adding any extra carbon emissions than were already going to be created.

This isn't true for all of the mining output of course, but some of it for sure.

Then you factor in that many of the miners are using renewable sources and moving even more towards that direction in the future...

Which was further evidenced by what came out today:

(Source: https://twitter.com/DocumentingBTC/status/1393229782851203075/photo/1)

That's the first...

And here's the next...

(Source: https://twitter.com/DocumentingBTC/status/1393241887415341057)

These are just two examples what is likely coming down the pipeline.

Even if bitcoin were to become public enemy number one over the energy consumption, the fact that it is transitioning towards renewables makes that argument mostly a non starter.

For those that want to see bitcoin die, they better come up with something else...

Because bitcoin's carbon footprint isn't that large relatively speaking, and it's getting smaller.