Bitcoin Clambers Up to $32,000 After Dip Earlier in the Week

Bitcoin’s value has bounced back to more than $32,000, after a significant dip earlier this week. Back then, the main digital currency was worth less than $30,000. Bitcoin gained more than 4 percent in the past 24 hours.

 

Investors may have responded to comments from Elon Musk. The chief executive of automaker Tesla said bitcoin mining is “shifting to renewable energy”. Tesla stopped accepting payments in bitcoins in May because of its polluting energy consumption.

All transactions in bitcoins are kept in the blockchain, a kind of administration that is updated everywhere at once. That happens every ten minutes. To safely handle each supplement, a complicated mathematical formula must be solved.

Worldwide special computer systems with great computing power and therefore many energy consumptions are puzzling on them all day long. That’s called mining. Whoever solves the formula will be rewarded in bitcoins.

Nuclear power, hydropower and geothermal energy would all be good energy sources for mining, Musk believes. When more than 50 percent of the energy consumption in mining comes from renewable sources, Tesla will accept payments in the digital coins again.

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