Bitcoin News: Behind Tesla’s suspension of Bitcoin payments are concerns about Elon Musk’s energy consumption. But one cryptocurrency watcher has dived deeper and identified what could be the driving factor behind Tesla’s decision. Contrary to general sentiments that Musk has no interest in Bitcoin, the findings are extremely optimistic.
Elon Musk can bring his Bitcoin plan to life
By facilitating Bitcoin mining from the inside, Elon Musk may be stepping back to create a different entry point for Tesla to make a permanent return to the Bitcoin market.
Reminding that Musk announced that Tesla was running its own Bitcoin nodes before the latest developments, crypto money watcher ‘CroissantEth’ took a look at the sequence of events that took place in Tesla. The Observer pointed to Musk’s satellite project, Starlink. It will allow worldwide internet access via the .
Currently one of Tesla’s main sources of profit; renewable energy ranging from solar panels to solar roofs and batteries.
It’s also important to note that Tesla also received environmental credits for the sale of zero-emission vehicles, which is a requirement in many US states. Tesla can then sell these credits to other manufacturers that cannot produce zero-emission vehicles.
“Chrysler has agreed to buy billions of dollars’ worth of these loans, and they accounted for 7% of Tesla’s total revenue ($428 million) last year,” said Croissant, explaining that many automakers continue to emit carbon.
Tesla may need to turn to new alternatives to revive its income. Since the company’s power walls often have extreme energy issues, they may want to dump all the excess into Bitcoin mining.
Croissant explained this possibility in the following words:
“Through a simple GPU mining, powerwalls can start earning BTC from energy. It can also handle tx’s much faster than is traditionally possible.
– Elon’s goal is to create a self-sustaining life on Mars.
– Starlink can enable any Tesla customer to start running their own $BTC node without internet disruption.”
Many Bitcoin proponents endorse Croissant’s theory. If that’s the case, the market could be bullish as millions of new users can enter the Bitcoin market through Tesla.