A Legacy Both Disruptive And Clean

Bitcoin is a mathematically derived currency that only exists on computers linked via the internet. This allows it to be decentralised with zero downtime. Naturally, there is a cost to upkeep the system online 24x7 globally. Bitcoin’s Proof-of-Work (PoW) algorithm, that determines how any transaction is passed, requires strong computing power and translates to higher energy consumption as transactions and complexities grow. As per estimates, Bitcoin consumes 0.4 per cent of all energy in the world – a significant share that is higher than a lot of countries individually. Tesla, helmed by influencer Elon Musk, bought $1.5 billion worth of Bitcoin in February 2021 and announced plans to accept it as a form of payment for its automobiles. The price of the asset increased considerably on this announcement before the company backed out in May with concerns regarding higher share...