Dogecoin carbon emissions down by 25% following Elon Musk collaboration

January 18, 2023 Coin Telegraph

When Musk backtracked on accepting Bitcoin payments for Tesla, he believed that Dogecoin — “even though it was created as a silly joke” — was better suited for transactions.

Research shows that Dogecoin (DOGE) was the only memecoin in 2022 to proactively reduce its carbon footprint — a key metric for mainstream adoption — by 25% in one year, thanks to the intervention of developers and Tesla CEO Elon Musk.

One of the main reasons why Musk backtracked on accepting Bitcoin (BTC) payments for Tesla was high carbon emissions. At the time, he believed that Dogecoin — “even though it was created as a silly joke” — was better suited for transactions.

Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021

Owing to proactive efforts from Musk and the members of the Dogecoin ecosystem, Dogecoin saw a 25% decrease in its annual CO2 emissions. With 1,423 tons of emissions released in 2021, Dogecoin produced 1,063 tons in 2022, according to research from Forex Suggest.

*Annual CO2 emissions for top cryptocurrencies. Source: Forex Suggest*

While Ethereum experienced the biggest reduction in CO2 emissions in 2022 after transitioning to a proof-of-stake consensus mechanism, its annual emission eclipsed Dogecoin by 8.3 times.

Reduced carbon footprint and large community support positions Dogecoin as a viable financial instrument in 2023.

When it comes to year-long price performance amid the 2022 bear market, DOGE held up much better than most of the top assets on the crypto market.

The memecoin emerged as the third-best performer in the top 10 list after XRP (XRP) and Binance Coin (BNB). DOGE also outperformed its biggest competitor, Shiba Inu (SHIB), with the SHIB community focusing on building a layer-2 network and developing metaverse and blockchain games.

Twitter chases Citadel’s founder, Binance in a race of subpoenas

August 4, 2022 Coin Telegraph

Binance

The company is gathering all the possible information on Elon Musk's private claims about its number of fake accounts.

As the failed acquisition of social platform Twitter by one of the world's richest men, Elon Musk, turned into a protracted court conflict, both sides are filing subpoenas to gather information ahead of the first hearing.

Recent reports claim that Twitter has made an effort to serve subpoenas to Ken Griffin, the founder of hedge fund Citadel, and to major crypto exchange Binance.

According to Bloomberg on Aug. 1, the delivery was attempted at both the Citadel office at Lexington Ave., New York, and at Griffin’s Manhattan residence. The company reportedly refused to accept the legal papers on Griffin’s behalf, alleging that the only option was to deliver the subpoena to the Chicago office.

As Yahoo Finance reports, on the same day Twitter directed a subpoena to Binance among a dozen of Musk’s advisers and potential lenders in the deal. The subpoenas demand the receivers hand over communication evidence that might support or refute Musk’s suggestion that the social network has under-reported the number of fake or “spam” accounts present on the platform.

Justifying his decision to exit the deal, Musk accused Twitter of concealing the actual number of fake/bot accounts, which in his estimate exceeds 5% of monetizable daily active users (mDAUs) — the mark claimed by social network’s management.

Twitter agrees that this number might be incorrect, but insists that it acknowledged possible errors before the negotiations were terminated by Musk. The company believes Musk’s grievance to be an artificial pretext for backing out of the deal.

The first hearing on Twitter’s suit will be held on Oct.17. The company intends to force Musk into completing the acquisition judicially.

In its quarterly report, Musk-led Tesla revealed the sellout of 75% of its Bitcoin holdings in Q2 2022. The revenue, taken in fiat money, composed $936 million. At the same time, Musk himself hasn’t sold any of his personal Bitcoin stash, while Tesla still has an estimated 10,800 BTC on its books.

Elon Musk’s Tesla is already $1 billion in profit from holding Bitcoin

October 14, 2021 Coin Telegraph

<div>Elon Musk's Tesla is already billion in profit from holding Bitcoin</div>

Bitcoin Analysis

Tesla's Bitcoin stash is now worth $1 billion more than when Elon Musk approved the purchase in February.

Tesla's (TSLA) bold foray into the Bitcoin (BTC) market has been paying off in 2021 as BTC price rallies in October to hit over $58,000 on Oct.14.

Tesla currently holds roughly 43,200 BTC, worth roughly $2.5 billion at today's prices, according to online monitoring resource Bitcointreasuries.net. This is approximately 65% or $1 billion more than what the carmaker paid in February when Elon Musk's company revealed that it added $1.5 billion in BTC to its balance sheet.

*BTC/USD daily price chart. Source: TradingView.com*

In Q2, Tesla's sold 10% of its Bitcoin holdings — about 46,000 BTC — at a reported average price of around $50,000 per token. In its Q2 earnings report, the company had notified that it booked gains worth $128 million from its Bitcoin sale.

Tesla made first billion in profit in Q2 from selling cars

Following the latest Bitcoin price rebound, Tesla's net profits from its crypto holdings came out to be as much as its income from Q2.

In detail, Tesla had reported $1.14 billion in net profit for Q2, the first time it ever crossed the one billion dollars mark. The income was a part of $11.96 billion in revenue that Tesla made mostly by selling cars — about $10.21 billion. The remaining $354 million came from the sales of regulatory credits.

Tesla revealed on Oct. 1 that it had delivered 241,300 electric vehicles during Q3, compared to 201,250 vehicles in the previous quarter. Combined with Tesla's Bitcoin profits, expectations are high for blockbuster earnings set to be released after the market closes on Oct 19.

"We think Q3 will be TSLA's strongest quarter ever," said Piper Sandler analyst Alexander Potter.

Will other companies follow?

Thus far, Tesla's Bitcoin strategy has been very successful, providing a case study of how other corporates could replace a portion of their cash reserves with BTC.

That said, several companies that invested in Bitcoin before Tesla, have seen even greater gains.

For instance, business intelligence firm MicroStrategy purchased around $3.15 billion worth of Bitcoin in multiple buying rounds. With its first purchase dating backing to Aug. 11, 2020, the company's net Bitcoin profits are now near $6.3 billion, almost doubling its investment.

Jack Dorsey's payment service firm Square also seen considerable gains from holding Bitcoin, now worth over $442 million from its $220 million investment.

Additionally, Canada-based crypto mining firm, Hut 8 Mining Corp, has seen its $39.3 million Bitcoin purchase increase in value by more than 600%, reaching around $250 million. Back in June, the company also revealed plans to hold 5,000 BTC by 2022.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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