ARK Investment Management's cryptoasset analyst says concerns about the environmental impact of bitcoin are "misguided" and that bitcoin will actually lead to a greater share of the grid powered by renewables.Citing Tesla (TSLA) -0.4% CEO Elon Musk's decision to stop accepting bitcoin for payment, ARK"s Yassine Elmandjra says the "decision seems to have been triggered by private equity firm Greenidge’s plans to revive a coal power plant to mine bitcoin. Elon Musk referenced the announcement in a tweet.""Subsequently, Greenidge clarified not only that its plant is powered by natural gas and feeds the grid but also that it bought carbon credits to offset the emissions," Elmandjra writes."In our view, the concerns around Bitcoin’s energy consumption are misguided," he adds. "Contrary to consensus thinking, we believe the impact of bitcoin mining could become a net positive to the environment.""With real-world data, we demonstrate how mining could impact the amount of renewable energy provisioned
