Elon Musk has become quite the controversial figure in the world of cryptocurrency lately. Not only has he been long supportive of the ‘joke’ crypto known as Dogecoin (DOGE), but he had also made headlines when he announced that his company, Tesla, will be removing Bitcoin (BTC) from its list of payment options.
Most recently, Elon claims to have found a new potential use case for DOGE, namely the formation of a kind of ‘hot tub’ which he would ideally want to be powered through the ‘meme’ cryptocurrency itself.
As of the time of this writing, DOGE is trading at $0.3, which is a 0.4% increase since yesterday, and BTC is trading at $35,917, which is a 1.5% increase since yesterday.
Musk becomes synonymous with DOGE
As if the billionaire was not already deemed to be controversial before, Elon Musk believes that the creation of the aforementioned hot tub is not only a good idea, but that it would additionally run on the heat which would be generated via DOGE mining.
Musk has become almost synonymous with DOGE over the years, with his tweets often determining whether the altcoin will increase or decrease in value. Furthermore, he is also reportedly leading DOGE’s development following the decision to accept Dogecoin for one of the billionaire’s satellite missions, which added new meaning to the phrase ‘to the moon. So, while his ideas may often seem a bit frivolous, it would nevertheless be difficult to deny that Musk is fully behind DOGE at this point.
Moreover, DOGE also utilizes proof-of-work as well as consensus-based algorithms. This simply implies that the cryptocurrency needs a constant supply of various computing resources to be able to continuously create new coins. Also, while it is true that nearly everyone both within and outside of the cryptocurrency community considers DOGE to be little more than a joke, no one can deny the fact that the altcoin had transformed numerous investors into millionaires seemingly overnight as the cryptocurrency’s revenues had skyrocketed by more than 4,500% in this year alone.
‘Hot tub’ idea isn’t necessarily new
Much like the concepts of electric cars, the notion of being able to successfully recycle the heat generated from mining activities is not exactly something new. In fact, it had been during early 2018 when Kamil Brejcha, a Czech entrepreneur, gained everyone’s attention when he replaced various traditional heaters with the mining rigs he had owned.
Nowadays, it has become increasingly common to find all kinds of cryptocurrency mining equipment which can be used alongside the various heating systems of private homes as well as businesses.