BUSINESSJack Dorsey, Cathie Wood and Elon Musk are promoting the idea that bitcoin mining could be good for the planet. The cost of renewable power is plummeting and an increasing share of energy is being supplied by renewable electricity. Wood says new research ideas – published in a paper by her Ark Investment Management and Dorsey’s Square Inc – “debunk the myth” that bitcoin mining is damaging the environment. READ: Taxman has an eye on your crypto profitsOn Twitter, Dorsey said bitcoin “incentivises renewable energy”. Other major polluting industries such as steelmaking, chemical production and aviation could also potentially use the cheap green power to make hydrogen.

Source: News 24 April 24, 2021 22:12 UTC