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Centibillionaire Elon Musk has taken interest in the idea of creating a hut tub powered by Dogecoin mining

As Bitcoin and Ethereum extend their losses, Tesla billionaire Elon Musk has called a tongue-in-cheek plan to harness the heat generated by mining Dogecoin a “great idea”—helping the DOGE price climb off its recent low.

Centibillionaire Elon Musk has taken interest in the idea of creating a hut tub powered by Dogecoin mining

Musk came up with the silly idea of ​​creating a hot tub based on the heat generated by Dogecoin mining. The vanity scheme suggested by the Blockfolio Twitter account tracks top crypto portfolios.

Bitcoin and crypto trading app Blockfolio said via Twitter:

“Great idea,” Musk responded, almost immediately lifting the Dogecoin price from lows of $ 0.28. Dogecoin, a meme-based cryptocurrency rival to Bitcoin that was originally created as a joke, has surged this year as investors buy up the digital tokens in the hope they will continue to appreciate in value.

Dogecoin uses a proof-of-work consensus algorithm, which means it requires computing resources to generate new coins. According to ByteTree data, while the coin may be a joke, its miners have made a significant amount of money, with their revenue skyrocketing over 4,500% in 2021 due to delivery fees translation is increasing.

Dogecoin is a Scrypt-based cryptocurrency that consumes less energy than Bitcoin. Due to its dual mining model, it can only be mined alongside other coins like Litecoin.

While the suggestion that the heat generated from the creation of mineable Dogecoins may seem frivolous, it is an issue that has piqued the interest of the Bitcoin and crypto community in recent months.

Musk has caused chaos in the Bitcoin and crypto markets with his criticisms of Bitcoin’s massive energy usage – pulling Tesla to support Bitcoin payments until the issue is resolved and calls the North American Bitcoin Mining Council’s plan to promote the use of renewable energy promising.

The Bitcoin network currently uses more electricity than the entire country of The Netherlands, according to the Cambridge Bitcoin Electricity Consumption Index, with Bitcoin’s carbon footprint soaring along with its price this year. The energy is used by computers all over the world that secure the bitcoin network and process transactions in reward for freshly-minted bitcoin tokens.

Musk—whose April 1st announcement he planned to put a “literal Dogecoin on the literal moon” was widely dismissed as an April Fool’s Day joke before it was revealed his rocket company SpaceX planned to do just that—has been one of the biggest drivers of the Dogecoin price in recent months.

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