RIYADH: Bitcoin trading was mixed on Thursday after Elon Musk said Tesla would likely start accepting it as payment again as more renewable energy was used to mine the cryptocurrency. After rising above $32,000 on the comments, it later retreated to about $31,900 by late morning in London.
Tesla had said in May that it would not accept Bitcoin as payment because of the vast amounts of electricity needed to mine it.
The environmental impact of cryptocurrency mining was discussed at the B Word conference on Wednesday, where the entrepreneur disclosed that he held Bitcoin as well as Ethereum and Dogecoin.
“Most likely the answer is that Tesla would resume accepting Bitcoin,” he said. “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend toward increasing that number, and if so Tesla would resume accepting Bitcoin.”
The vast amount of electricity needed to power the computers that mine cryptocurrencies such as Bitcoin has long angered environmentalists. However recent data from the University of Cambridge suggests the sector’s carbon footprint may be improving, especially since a crackdown in China which has told banks and payments platforms to stop supporting digital currency transactions. It followed a move to stop Bitcoin mining in Sichuan province. China last year accounted for 65 percent of global Bitcoin production.
Ark Invest founder and CEO Cathie Wood said she also expected the cryptocurrency to become more environmentally friendly while at the same time appealing as an inflation hedge in some emerging markets.
Bitcoin seesaws as Elon Musk supports trend for more renewables in mining
https://arab.news/2u5su
Bitcoin seesaws as Elon Musk supports trend for more renewables in mining
- The vast amount of electricity needed to power the computers that mine cryptocurrencies such as Bitcoin has long angered environmentalists
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
