Musk Update: Acknowledges Mining Will Ultimately Go Green, Urges Mining Facilities to Disclose Clean Energy Ratio, States Bitcoin Needs Lightning Network

Despite Elon Musk's ambiguous attitude towards Bitcoin and his continued fondness for Dogecoin, his recent tweets seem to show a slight easing on his previous energy consumption arguments. He called on large miners to disclose their clean energy ratio, acknowledged that mining will eventually shift towards green energy, and believed that what Bitcoin currently needs to promote is the Lightning Network.

ARK Investment Research Director Brett Winton and ARK analyst Sam Korus updated ARK's previous research on the integration of solar panels with Bitcoin mining, and tested how the conversion rate of green energy mining would fare during bull and bear cycles. The results showed:

• Regardless of the market cycle, Bitcoin mining can incentivize more miners to adopt solar panels
• The next step will be to promote household-level adoption of solar panels for Bitcoin mining

The tweet did not tag Musk directly but caught his attention.

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Agreement on Green Energy, Calling on Major Miners to Disclose Clean Energy Ratio

Elon Musk responded:

I agree that this can be done over time, but recent energy consumption growth has been too extreme. This cannot be achieved through renewable energy alone. If the top ten mining pools can disclose audited renewable energy usage, it would easily clarify our doubts.

He also mentioned that mining energy consumption has started to exceed that of medium-sized countries.

Need for Lightning Network

Since Elon Musk previously revealed ideas to optimize Dogecoin's block time, block size, transaction fees, etc., it might require sacrificing decentralization and security to achieve this.

Therefore, Twitter user BTCsessions asked if he is willing to sacrifice the decentralization of the base layer and the security of transaction throughput to solve the energy consumption issue. However, the Lightning Network can greatly expand transaction volume without sacrificing the above conditions. Do you support this concept?

Elon Musk then stated:

Achieving true decentralized finance - empowering the people - is a noble and important goal. The base and second-layer networks depend on expected bandwidth and computational capacity. I believe that if both grow rapidly, it means that a single-layer network can handle the world's transaction volume in the future. Currently, the Lightning Network is needed.

Calling Dogecoin Again

Yesterday, on 5/20, Musk posted a picture of a banknote with a dog on it, saying, "How much for the Doge inside?"

As a fan of puns, he actually adapted it from the original song "How Much Is That Doggie In The Window" by American country singer Patti Page.

Early Tesla investor and Twitter user with 70,000 followers, Dave Lee, immediately recognized that this was Musk's laptop specifically used for gaming. He believes that Musk holding a large amount of Dogecoin seems reasonable, and Musk will not sell Dogecoin. He is the ultimate Hodler.

Musk also responded: "Yes, I have not sold any Dogecoin and will not sell any Dogecoin."