Press "Enter" to skip to content

Elon Musk and Jack Dorsey agree on bitcoin’s green credentials

Tesla chief Elon Musk has agreed with Twitter boss Jack Dorsey, who has said that bitcoin “incentivises” renewable energy, despite experts warning otherwise.

The cyrptocurrency’s carbon footprint is as large of some of the world’s biggest cities, studies suggest.

But Mr Dorsey claims that could change if bitcoin miners worked hand-in-hand with renewable energy firms.

One expert said it was a “cynical attempt to greenwash” bitcoin.

China, where more than two-thirds of power is from coal, accounts for more than 75% of bitcoin mining around the world.

The mining process to generate new bitcoin involves solving complex mathematical equations, which requires large amounts of computing power.

New sets of transactions are added to bitcoin’s blockchain (the ledger that records the cryptocurrency’s transactions) every 10 minutes by miners from around the world.

In a tweet on Wednesday, Mr Dorsey said that “bitcoin incentivises renewable energy”, to which Mr Musk replied “True”.