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Cryptocurrency is an “Environmental Risk”: Kimbal Musk

Elon Musk is one of the most active members of the cryptocurrency community, but his brother Kimbal Musk has his own set of views on the digital asset class. In an interview with Input Magazine, Kimbal mentioned that he is concerned about the negative impact of cryptocurrency on the environment.

As Bitcoin mining requires a huge amount of energy, a single Bitcoin transaction consumes 2,292.5 kilowatt-hours of electricity, which is enough to run a standard US home for approximately 80 days. This is why Elon Musk’s brother stopped accepting bitcoin payments for Tesla automobiles last year, despite the fact that the electric vehicle manufacturer still has about $2 billion in bitcoin on its balance sheet.

He has spoken with Input Magazine on a number of topics, including his ideas on wealth and his food equality cryptocurrency initiative, “Big Green DAO.” BGDAO is based on the Ethereum blockchain and gives each member a single vote on the decisions of the decentralised autonomous organisation.

Kimbal is optimistic about Ethereum 2.0, which is expected to use substantially less energy than ether and to be more secure. Meanwhile, environmentalists believe that the emergence of cryptocurrencies creates a significant carbon footprint, adding to the world’s climate issues.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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