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Kimbal Musk Opined Concerns Regarding Environmental Effects Due to Crypto

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Malaysia Cracks Down on Thieves Stealing Electricity for Bitcoin Mining
  • Tesla still has almost $2 billion in bitcoin on its books.
  • On the boards of Tesla and SpaceX, Kimbal is an important player in space exploration.

Elon Musk has been one of the most prominent voices in the Crypto industry, but his brother Kimbal Musk has his own set of opinions. During an interview with Input Magazine, Kimbal mentioned that he is worried about the environmental effects of Bitcoin.

Bitcoin mining has been demonstrated to use a lot of electricity. A single BTC transaction would use up 2,292.5 kilowatt-hours of power for a typical US house. According to Elon Musk, this is the reason why Tesla ceased taking bitcoin payments for its automobiles last year, despite Tesla still having almost $2 billion in bitcoin on its books.

Escalated Concerns

Concerns regarding the environmental effect of crypto have escalated as more than 200,000 transactions take place each day. On February 8th, 2021, it was revealed that Tesla had made an investment of $1.5 billion in Bitcoin in an SEC filing.

According to Elon Musk’s younger brother last week, Tesla was “completely ignorant” of Bitcoin’s environmental ramifications when it incorporated the cryptocurrency into its financial sheet. Kimbal is the founder and CEO of The Kitchen, an environmentally-conscious restaurant chain, and is worth $700 million. On the boards of Tesla and SpaceX, he is an important player in space exploration.

When Kimbal announced the establishment of a decentralized autonomous organization (DAO) in December of last year, it facilitated “decentralized charity.” Input Magazine interviewed him on various topics, including his views on wealth and his “Big Green DAO” cryptocurrency effort for food equality. Members of the BGDAO get one vote on the autonomous organization’s decisions, which are made on the Ethereum blockchain.

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