Mark Cuban responds to Elon Musk, claiming that bitcoin and cryptocurrency are good for society and the environment.
Despite Elon Musk's recent announcement that Tesla will no longer accept Bitcoin as payment, Dallas Mavericks owner Mark Cuban says his NBA team will continue to accept it.
Shark Tank Star and NBA Team Owner Dallas Mavericks from Cuba have argued that it would potentially improve the world to embrace cryptocurrencies like bitcoin. He told Elon Musk, whose electric car company Tesla has stopped accepting bitcoin, about problems with the climate.
Mark Cuban vs Elon Musk
Billionaire developer, Mark Cuban announced that Elon Musk has halted acceptance of Bitcoin payments following the announcement of Elon Musk's CEO. Wednesday, Cuban tweeted:
We at Mavs.com will continue to accept BTC/ETH/DOGE because we know that replacing gold as a store of value will help the environment.
As a justification for the suspension of bitcoin acceptance, Tesla referred to environmental concerns. "We are concerned that the use of fossil fuels for bitcoin mining and transactions, particularly coal, is rapidly growing.
Cuban quoted an article by The New York Times published in 2005 in his tweet to Musk that highlighted the gold mining industry following a month-long review published in the journal, which includes tours of gold mines in the Americas, Western Europe, Latin America, and Africa.
"Some metal mines, like gold mines, have become the quasi-equivalent of nuclear dumps to be treated forever. According to the Environmental Protection Agency, hard rock mining produces more hazardous waste than any other industry in the United States. Last year, the agency put the cost of cleaning metal mines at $54 billion," the article says.
In January of this year, an article on Cuba, titled: "Bitcoin uses a lot of energy — but that makes it worth it." It was published in Moneyweek. The article points out that a large number of Bitcoin-based energy mining users are renewable, noting that hydroelectricity accounts for half of the world's Bitcoin mining.
"Sichuan's mining power comes from nuclear and coal-burning approximately 5 percent. The article states that 95 percent comes from renewables." In addition, Coinshares' research has shown that 74 percent of Bitcoin power is obtained through renewable energy sources.
Cuban also said to Musk, in conclusion:
The reduction in the use of large banks and coins would benefit society and the climate.
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