Elon Musk has become a trendsetter and icon in the crypto world, but his brother Kimbal doesn’t share the same positive sentiments. In an interview, Kimbal Musk stated that he is against anything that has a negative impact on the environment, implying that he opposes cryptocurrencies that consume too much energy in their production. However, he states that he is hopeful about the 2.0 transition of the leading altcoin Ethereum. As Kriptokoin.com, we are giving the details…
Kimbal Musk, against those who have a negative impact on the environment
In an interview with Input Magazine, Kimbal Musk said, “I am strongly against everything that has an environmental impact at this level”. opposed. Kimbal Musk is the owner of eco-friendly restaurant group The Kitchen and has an estimated net worth of $700 million. He serves on the boards of Tesla and SpaceX. He owns significant shares in Tesla.
Some cryptocurrencies, from mining to transactions, require an alarming amount of electricity. One Bitcoin transaction is estimated to burn 2,292.5 kilowatt-hours of electricity, enough to power a typical US household for more than 78 days. With more than 200,000 transactions and counts per day, concerns are mounting about the environmental impact of crypto. Activists say the popularity of crypto has created an enormous carbon footprint and ultimately contributed to the climate crisis.
Elon and Kimbal Musk are hopeful about Ethereum 2.0
While a crypto advocate, Elon at least partially understands his brother’s concerns. The Tesla CEO acknowledges that crypto needs to make progress to reduce its environmental impact, and as we previously reported, Tesla banned its customers from paying in Bitcoin last year for this reason. But both brothers are hopeful about Ethereum 2.0.
Currently, Bitcoin and some major cryptocurrencies use a consensus algorithm called proof of work (PoW) to confirm transactions and add blocks to the Blockchain. This algorithm requires miners to run mining equipment continuously, resulting in exorbitant energy costs. With Ethereum 2.0, a new proof-of-stake model will be implemented that eliminates complex calculations and, as a result, greatly reduces energy consumption. Musk also opened up about the food equity crypto collective Big Green DAO.
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