Cryptocurrency: What Is SolarCoin?

Given the crazy-high level of interest in cryptocurrencies recently, here’s a look at a comparatively low-carbon cryptocurrency that’s been around for quite a while – SolarCoin.

Tesla’s Elon Musk has helped keep cryptocurrency Bitcoin in the spotlight this year – first through Tesla buying $1.5 billion in Bitcoin back in February, and more recently announcing Tesla is concerned about the increasing use of fossil fuels for Bitcoin mining and transactions; in particular, coal. Tesla has suspended purchase of its electric cars using Bitcoin, and:

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.”

Bitcoin-related energy consumption isn’t a new issue and very likely known by Tesla/Mr. Musk before Tesla bought up a bunch of it. There are all sorts of theories on what transpired for this faux “road to Damascus” moment to have occurred.

Elon Musk also mentioned Tesla is looking at other cryptocurrencies1 that use less than 1% of Bitcoin’s energy per transaction. Another cryptocurrency he has been boosting is Dogecoin, which was started as a joke back in 2014. You can read some background on Dogecoin here.

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