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
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
