Bitcoin markets are pulling back after electric car manufacturer Tesla suspended its support for vehicle purchases using Bitcoin (BTC). In a May 13 tweet, Tesla’s CEO Elon Musk noted the company’s concerns regarding the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal." While Musk predicted that cryptocurrency "has a promising future,” he concluded that the rise of digital assets “cannot come at a great cost to the environment." However, the firm has not ruled out accepting BTC again in the future, with the post noting that it will resume using Bitcoin "for transactions as soon …

Ninepoint Partners LP, one of Canada’s Bitcoin (BTC) exchange-traded fund issuers, has announced plans to offset the carbon footprint of its BTC ETF product. According to a release issued on Monday, Ninepoint has inked a partnership with carbon offsetting service provider CarbonX. As part of the partnership, Ninepoint will dedicate an undisclosed portion of its management fees to purchase carbon credits to neutralize the environmental impact of the Bitcoin mining process of the BTC held in its fund. As previously reported by Cointelegraph, Ninepoint announced plans to convert its Bitcoin trust to an ETF back in March, with the fund’s …

Bill Maher did not hold back criticizing cryptocurrencies from Bitcoin (BTC) to Dogecoin (DOGE), implying the whole space was fake and yet still required an incredible amount of real energy. Speaking in the New Rules segment on his show Real Time with Bill Maher on Friday, the comedian said the goal of mining crypto was to “make something that is purposefully arbitrary.” Comparing the crypto space to a virtual game and speaking about mining in a seemingly derisive tone, Maher implied investing in tokens was a childish endeavor which some prominent financial figures like Warren Buffett were avoiding. “There is …

In the latest Cointelegraph Crypto Duel, founder of Digiconomist Alex de Vries and CEO and founder of Blockchain for Climate Joseph Pallant debated the intensity of Bitcoin’s footprint and possible paths forward to reduce it. As pointed out by de Vries, Bitcoin’s energy consumption has been increasing together with its network. The analyst predicts its carbon footprint could increase tremendously as Bitcoin gets closer to mass adoption. “I fear that this will quickly get completely out of control if adoption increases a lot more”, he said. According to de Vries, as long as Bitcoin functions with a proof-of-work system, bringing …

Legislators in the United Kingdom have asked for greater regulatory powers to combat the rise of financial “greenwashing” — a deceptive practice where a company overstates or fabricates the extent of its green energy usage. A report by the House of Commons cross-party Treasury Committee urges the U.K. government to sharpen its definition of environmentally conscious investments and to consult on the prospect of attaching “green labels” to financial products. The report notes that “green” claims attached to financial investments are often exaggerated, and can fail to align with customer expectations: “It is clear that in some cases the labels …

Leading payment technology provider Mastercard will help consumers directly offset carbon emissions and choose better products for the environment via its blockchain-based Provenance Solution. The system provides such granular detail that consumers can choose a more environmentally friendly cup of coffee, or a sustainable T-shirt, by interacting with the carbon credits directly related to that item, as represented by a nonfungible token and unique marker. Speaking on April 21 as part of the Australian Blockchain Week, Ashok Venkateswaran, Mastercard’s Head of Digital Assets and Blockchain APAC, discussed how the company is working to track the carbon footprint of its partners …

It’s as reliable as the changing of the seasons: Another year, another Earth Day and another misguided missive about the outrageous energy consumption of the cryptocurrency space. Last week, the New York Times published a piece that sought to remind readers of the “astonishing environmental costs” of cryptocurrency mining. It was a prime example of what’s quickly becoming an editorial subgenre, including references to dubious research — claiming that Bitcoin (BTC) mining alone will push global warming above Paris Agreement levels — and a baffling misspelling of Ethereum. For those who believe in the transformative power and potential of blockchain, …

NFTb, a nonfungible token platform built on the Binance Smart Chain, is launching a new version of its marketplace focused on supporting social causes and providing artists with more affordable listing options. The new marketplace connects artists and leading charities, allowing anyone to auction their artwork at an affordable rate and donate a portion of their proceeds towards a charity of their choosing. NFTb claims over 120 artists have already joined the waitlist. Sia Mohajer, an executive with NFTb, said many artists are concerned about the environmental impact of their work and that current marketplaces don’t provide any recourse for …

Decarbbitcoin Labs, an environmentally-focused think tank founded by Community Electricity, is taking a hands-on approach to fighting climate change in California — and is using Bitcoin (BTC) mining as its first prototype. Building off California’s Environmental Justice Program, whose mission is to protect communities that endure a disproportionate share of environmental pollution, Decarbbitcoin Labs is developing a first-of-its-kind prototype in Los Angeles aimed at not only decarbonizing the community but also proving how green Bitcoin will be mined. Austin Davis, co-founder of Community Electricity, told Cointelegraph that Environmental Justice Communities across the state receive over $1 billion in funding for …

The debate around the environmental impact of the Bitcoin mining ecosystem is heating up once again as academics have provided a fresh dose of perspective on the subject. In an opinion piece written by Noah Smith, a former assistant finance professor turned columnist, took aim at the Bitcoin (BTC) mining industry in March, suggesting that the constantly growing energy consumption of the network is simply unsustainable. Smith’s belief is that more countries will clamp down on Bitcoin mining as they use more power, given that the increasing price of BTC is always matched by rising hash rates. While Coin Metrics …

United Kingdom-based Bitcoin (BTC) mining firm Argo Blockchain just recorded the best quarter in its history, generating record revenues for three months straight. Yet despite the burgeoning cryptocurrency mining venture emerging in the west, the vast majority of Bitcoin production still takes place in China, where cheap, coal-powered electricity fuels an untold number of mining rigs. A recent report by Nature.com revealed that as much as 75% of Bitcoin mining takes place in China — news which must fall hard on the ears of Shark Tank and Dragon’s Den investor Kevin O’Leary, who recently labeled all Bitcoin mined with the …

Shark Tank and Dragon’s Den personality Kevin O’Leary is taking a stand against what he terms “blood coin,” that being Bitcoin (BTC) mined in China. The investor declared that he would only deal with “clean coin” — coins mined using renewable energy — from now on and suggested other institutions were starting to do the same. O’Leary took aim at the free-wheeling nature of Bitcoin production by pointing out that most other products in the world are manufactured according to institutional and regulatory compliance standards. O’Leary said, during an interview with CNBC: “We have compliance on large institutions, we have …