COIN - Cryptocurrency stocks bounce as Bitcoin stabilizes Ethereum re-takes $4K

The bit firmly between his teeth on this energy consumption thing, Elon Musk overnight engaged a bit on Twitter with Microstrategy (MSTR) CEO Michael Saylor.Saylor (and others) have pointed out the obvious fallacy in Musk's logic, noting Bitcoin mining has nothing to do with transactions. Saylor: "Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered." Saylor also notes the vast majority of Bitcoin mining is accomplished via renewable energy sources.Musk isn't pleased with entrepreneurs reviving shuttered power plants in out-of-the-way areas for the purpose of providing energy for Bitcoin mining, even as the revamped plants will now be using natural gas instead of coal.Saylor: "Bitcoin (BTC-USD) offers 8B people a superior technology to guarantee their human rights to property, as well as a

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Cryptocurrency stocks bounce as Bitcoin stabilizes, Ethereum re-takes $4K