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Elon Musk is back talking about his favourite Dogecoin. This time the Dogecoin father has come up with an idea, which may sound ridiculous, but seems great to him and will give a purpose to the meme cryptocurrency.
The crypto market has largely been on an upward trajectory for the past 12 months.
HIGHLIGHTS
- Elon Musk wants a hot tub that draws heat from Dogecoin mining.
- Tesla chief believes that it is a great idea.
- The suggestion comes amid concerns around crypto mining.
Elon Musk is back talking about his favourite Dogecoin. This time the Dogecoin father has come up with an idea, which may sound ridiculous, but seems great to him and will give a purpose to the meme cryptocurrency. Musk feels that using the heat generated by Dogecoin mining for a hot tub would be a great idea. The suggestion comes amid continuous talks around energy consumed for crypto mining and its impact on the environment.
Most cryptocurrencies including Bitcoin, Ethereum and Dogecoin have been on a downward trajectory for most part of the past month. The decline started after Musk and Tesla announced that they will not accept payments in Bitcoin for their cars. It led to a dip which was further boosted by restrictions announced by China and Iran later in the month. Iran has banned Bitcoin mining in the country for four months because of frequent blackouts in the country.
Musk’s suggestion came after a crypto trading app Blockfolio tweeted: “A hot tub that’s heated by mining dogecoin. Elon Musk, I don’t care how, just make it happen.” Musk replied to this tweet by calling it a ‘great idea’.
The idea sound absurd, but this is not the first time Musk has tried to find a real use case for Dogecoin, a meme cryptocurrency, which was just created for fun. Earlier this month, he had announced a real-life satellite launch programme which will be paid for entirely in Dogecoin.
“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” SpaceX Vice President of Commercial Sales Tom Ochinero had said in a statement.
The crypto market has largely been on an upward trajectory for the past 12 months and is becoming increasingly popular in different parts of the word.
However, concerns remain around the energy used to mine cryptocurrencies. Musk has defended Dogecoin in the past, claiming that it is more energy efficient than other cryptocurrencies. “Doge speeds up block time 10X, increases block size 10X & drops fee 100X,” he had tweeted earlier.
On a separate occasion, Musk had revealed that he is working with Dogecoin developers to make it more energy efficient.
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