Crypto Hyperscalers are Uplifted by Musk’s Bitcoin Energy Consumption Worries

The case for high transaction throughput and speed: Elon Musk, CEO of electric car company Tesla, shook cryptocurrency prices when he tweeted that Tesla will no longer be accepting bitcoin as payment until mining becomes more environmentally-friendly.

What’s odd about Musk’s pronouncement is that the environmental concerns he brought up hark back years before he even put Bitcoin on the Tesla balance sheet.

Crypto miners move to countries with less stringent environmental regulation and cheap power, making countries like China account for the majority of the world’s crypto mining.

However, as long as cryptocurrency prices are stable and profitable, mining operations are going to become commercial and efficient thanks to hyperscale providers.

Cipher Mining, a unit of Bitfury, recently merged with Good Works Acquisition Corp. to create an industrial-scale Bitcoin mining operation in the US.

And if the cloud giants don’t see crypto mining as a market, enter specialized players. For instance, Cipher Mining, a unit of Bitfury, announced a merger with Good Works Acquisition Corp. to create an industrial-scale Bitcoin mining operation in the US, particularly in Texas and Ohio. Bitfury also has crypto mining centers in Iceland, Canada, Norway, and other parts of the world.

Just as cloud engineers are automating data centers for energy savings and efficiency, crypto miners will equate sustainability to profit margins, making Musk’s concerns likely to be addressed in no time.

For more information, you may view the original story from Zdnet.