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Mark Cuban Backs Up Bitcoin

The Mavs owner didn’t agree with Tesla’s view on Bitcoin’s energy.

Mark Cuban stated recently that Dallas Mavericks will still accept bitcoin disregarding the concerns about the asset’s energy usage.

Does Bitcoin save the environment?

Cuban said that with the use of cryptocurrencies, the environment will be helped.

The tweet is a response to Tesla’s decision to stop Bitcoin payments for its cars which was declared last Wednesday.

The Mavs became the first NBA team to accept crypto as a payment method for tickets and merchandise early this year. The move has been an instant success. Mark Cuban and the team raked in $122,000 worth of Dogecoin through sales in just a matter of weeks.

mark cuban

But the environmental concern of PoW (proof-of-work) cryptocurrencies, basically those of Bitcoin, have heightened last year together with the rising prices. Ethereum uses a tenth of Bitcoin’s energy demands, although it is still a PoW currency.

PoW networks still rely on entities that have been using large amounts of computational energy (or miners). This is in order to validate transactions and maintain the networks. After that, they will receive the network’s token for their effort.

The power usage ignited a lot of criticisms.

What are their differences?

A report early this year says that Bitcoin used as much energy as all of Argentina with just a little data on the type of energy that was used. It is estimated that around 80% of Bitcioin’s energy do come from renewable sources like hydroelectricity. The proponents stated that this nullifies the ‘bad environment’ argument.

And still companies like Tesla think differently.

“We are concerned about (the) rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,”

Elon Musk on Twitter

This action has attracted a lot of criticisms from several quarters. Some are saying that Tesla and Musk should have researched the energy accusations first before saying their opinion.

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