At approximately 6:00 p.m. EST last night, May 12, CEO of Tesla Elon Musk posted a tweet in regards to Bitcoin and Tesla that appeared to have significant market impact.

The tweet included a statement that was misguided in its assessment of Bitcoin’s energy use. While Musk claimed that Tesla is “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” the mining industry appears to be growing in its use of renewable energy sources instead. He also seemed to suggest that bitcoin transactions consume energy, but that is not true.

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