HomeFinanceCryptoElon Musk Says Lightning Network ‘Needed’ to Scale Bitcoin for Now

Elon Musk Says Lightning Network ‘Needed’ to Scale Bitcoin for Now

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Elon Musk has jumped into the bitcoin (BTC, +1.36%) scaling debate on Twitter, saying the layer 2 payments Lightning Network is “needed” for now.

  • “Layer count depends on projected bandwidth & compute, both rising rapidly, which means single layer network [e.g. Bitcoin alone] can carry all human transactions in future imo,” the Tesla CEO tweeted Friday.
  • Until then, however, Lightning will be necessary to provide the required bandwidth, he argued.
  • The Lightning Network is a layer atop the Bitcoin blockchain designed to enable faster and cheaper transactions by enabling user-generated channels for sending and receiving payments.
  • Musk has also been responding to a Twitter discussion about bitcoin’s energy usage, the reason cited for Tesla’s recent U-turn on accepting the cryptocurrency as a method of payment.
  • He proposed that the top-10 mining organizations post audits of the amount of renewable energy used in their operations as one way to tackle the issue.

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