Last week on Wednesday, just three months after Tesla invested $1.5 billion in bitcoin and opening its doors as a payment mode to purchase Tesla's Car, Ceo Elon Musk announced that will no longer be the case anymore on Twitter.

Elon Musk cited concerning the reason for Bitcoin mining's reliance on fossil fuels. But, Tesla will also not be selling any of the owned Bitcoin on their balance sheet.

The decision of Tesla seems to have been triggered by Greenidge's plan, a private equity firm, to revive a coal power plant to mine bitcoin. Elon did reference the announcement in a tweet.

Greenidge then clarified that its plant is powered by natural gas, feeds the grid, and bought carbon credits to offset the emissions.

Ark feels the views concerning Bitcoin's energy consumption are misguided. ARK believes that the impact of bitcoin mining could be a net positive to the environment. With the backup of accurate world data, ark demonstrates how mining could impact renewable energy provision to the grid by transforming intermittent power resources into baseload generation through energy storage.

ARK illustrates that renewables would satisfy only 40% of the grid's needs in the absence of Bitcoin mining but 99% with the commercial "subsidies" associated with Bitcoin mining.