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Tether CEO Paolo Ardoino has emphasized the importance of Bitcoin and its mining process, describing it as a form of “energy harvesting” rather than environmentally harmful consumption.
He pointed out in the post that Bitcoin represents the transformation of the world’s abundant energy (expected to be mined this year: 204 terawatt hours (about 0.5% of global consumption)) into a proof-of-work digital asset and its increasing acceptance by financial institutions.
Arduino states that Bitcoin is harvested energy, demonstrating that mining does not waste energy but converts it into economic value.
The proposal follows miners’ increasing reliance on renewable energy in recent years.
However, environmental concerns persist among some high-profile figures, including Elon Musk, who in 2020 suspended Tesla from accepting Bitcoin payments over sustainability concerns, although the share of renewable energy in mining has since increased.
On a related note, Bitcoin recently entered “extreme fear” territory according to the Fear & Greed Index, which registered a reading of 8 points.
This comes amid market volatility, economic uncertainty and a marked decline in the performance of alternative currencies.
After hitting an all-time high of $126,000 last October, Bitcoin is currently trading near $67,981.
Historically, periods of “extreme fear” have been associated with accumulation opportunities for some investors.
One of the most prominent recent examples is the company “Strategy”, which announced on February 17 the purchase of an additional 2,486 Bitcoins, worth approximately $168.4 million.
As a result, its holdings increased to 717,131 Bitcoins, with an estimated market value of approximately $48.77 billion, reflecting the continued adoption of collection strategies by some institutions in an unfavorable environment.
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