Maja Hitij/Getty Images
Elon Musk has hit back at the chief executive of the Kraken crypto exchange, who said bitcoin is "a lot greener than people give it credit for."
Responding to the statement on Twitter, Musk said: "Based on what data?"
It marked a renewal of Musk's argument with crypto die-hards over bitcoin, which he has said is environmentally damaging due to the "insane" energy use required for the computing work that secures the network and creates new coins.
In May, Musk said his electric car company Tesla would stop accepting bitcoin as payment for its products. It was a major U-turn from an individual and company who had previously lauded the token, and triggered a sharp fall in the price.
Bitcoin fans, including Kraken CEO Jesse Powell and MicroStrategy boss Michael Saylor, have criticized Musk's position. They argue an increasing amount of bitcoin "mining" is done using renewable energy.
Powell told Bloomberg TV on Thursday that Musk has got "some more studying to do on this topic."
Musk's punchy answer showed the argument among some of bitcoin's most high-profile figures is far from over.
A study by Cambridge University in 2019 found 39% of bitcoin mining uses renewables as its primary energy source. Yet most bitcoin mining is done in China, according to Bank of America, where coal is the main source of power.
Musk last week said Tesla would resume bitcoin transactions once miners started using around 50% green energy.
Bitcoin traded at around $39,190 on Thursday, up 1.7% on the day but down sharply from April's record high of close to $65,000.
NOW WATCH: Sneaky ways stores like H&M, Zara, and Uniqlo get you to spend more money on clothes
See Also:
- 10 things you need to know before the opening bell
- A CEO from a leading crypto miner details the 6 factors his company uses when doubling down on an investment — and shares 2 metrics you need on your radar
- The global markets strategist at crypto brokerage eToro shares 3 altcoins that he's seeing rise in popularity on the platform — and explains why bitcoin is a value-add to any portfolio
