Bitcoin Daily: Elon Musk’s Name Used In Bitcoin Scam; Bitcoin Takes More Energy To Mine Than Gold

Bitcoin Daily

Elon Musk’s name has reportedly been used in bitcoin scam, with the hack of multiple verified Twitter accounts, the BBC reported. The hackers allegedly took over the accounts and made the image and name to reflect Musk. One tweet that came from an account that displayed the “Elon Musk” name (but actually belonged to a U.K. film distributor) posted a link for users to participate in a “giveaway.” The tweet said that Musk had “left the post of director of Tesla” and said the executive “decided to make the biggest crypto giveaway in the world, for all my readers who use bitcoin.”

A study published in Nature Sustainability, a British journal, claimed that digital currency mining takes more energy per dollar than physical metal mining over a period spanning from 2016 to 2018, BuzzFeed News reported. While one of the study’s authors, Max Krause, noted that physical metals and cryptocurrencies don’t serve as physical substitutes, the study’s goal was to generate awareness. Krause told the outlet, “Just because something is digitally processed does not mean it does not consume a considerable amount of energy.” More specifically, Krause, along with another co-author Thabet Tolaymat, said that a dollar of Monero or bitcoin takes more energy to make than the same value of gold or copper.

In other news, the Hinomaru Limousine company in Japan may allow cryptocurrency payments for travel between Tokyo and its airports, The Next Web said. The option will reportedly launch through an experiment this November for passengers riding from 23 districts in the city to Narita or Haneda. Bitcoin, Ethereum and bitcoin cash are said to be the future payment options. The company, which has reportedly tasked Remixpoint to help put into place the infrastructure needed for the capability, has more than 360 limos and over 160 taxis.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.