Lightning Network is important to the Bitcoin network
There has been a long-standing conversation about the best way to scale the Bitcoin network. The leading cryptocurrency sometimes suffers from slow transaction speed, especially during periods of high network congestion.Tesla CEO Elon Musk has now joined the conversation, stating that the Layer-2 solution is needed on the Bitcoin network at the moment. "Layer count depends on projected bandwidth & compute, both rising rapidly, which means single layer network [e.g., Bitcoin alone] can carry all human transactions in future imo," Musk said.
Until Bitcoin has the needed technology to use a single layer to carry all human transactions, Lightning will be necessary for the network to provide the required bandwidth, Musk argued. The Lightning Network is an additional layer on top of the Bitcoin blockchain that allows it to conduct cheaper and faster transactions. The solution achieves this by allowing user-generated channels for sending and receiving payments.
Musk maintains the need to use renewable energy for Bitcoin mining
Electric car manufacturer Tesla recently reversed their decision to accept bitcoins as payment for their electric vehicles, citing environmental concerns regarding the massive energy usage for Bitcoin mining.Musk has been answering questions on social media regarding the company's decision. He said, "I agree that this *can* be done over time, but recent extreme energy usage growth could not possibly have been done so fast with renewables. This question is easily resolved if the top 10 hashing orgs just post audited numbers of renewable energy vs. not."
According to Musk, Bitcoin miners need to start using renewable energy to mine the cryptocurrency. That way, cryptocurrency mining will have fewer environmental effects the problem would be tackled.
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