The most important issue in crypto is the bitcoin mining energy consumption. Its energy consumption and impact on the environment were reasons given during China’s crackdown, which saw many miners leave the area. This move saw the once-bilingual bitcoin capital collapse to zero.
Tesla, an automotive manufacturer had also mentioned the same reasons for removing bitcoin payments from its electric cars. This was after it implemented them only two months before. Elon Musk, CEO of Tesla Motors said that the company planned to implement BTC payments once again. However, bitcoin mining had to be at least half the clean energy level.
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Bitcoin Mining Crosses 57% Renewable Energy
Since June, the Bitcoin Mining Council has focused on monitoring and reporting all mining activity in the area. The renewable energy use in mining is one of them. A network of miners from bitcoin reported that 50% of the bitcoin mining activity had been made with renewable energy in Q2 2021.
This October, the council published a new report on energy usage in mining activities. According to the Bitcoin Mining Council, renewable energy consumption increased in quarter three at 57.7%.
Evidently, these numbers are higher than the threshold Tesla CEO Elon Musk set in June to ensure that BTC payments can be resumed.
However, this is false. Tesla has only sold 10% of his holdings, which confirms that BTC can easily be liquidated and moved market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
Source : BTCUSD at TradingView.com| Source: BTCUSD on TradingView.com
Tesla to Resume BTC Payments
BTC advocates took to Twitter to call on Elon Musk for clarification regarding his statements about BTC transactions to Tesla vehicles. Data from the Bitcoin Mining Council’s report had been quoted by others to show that mining activities are now being powered by more than 50% clean energy.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) December 1, 2021
However, others have raised doubts about the reliability of the data provided by the council. The release said that 33% had completed the survey. Another userIt was stated that paper surveys were not reliable sources of data. To determine the percentage of clean energy in a given amount of energy, it would be necessary to conduct energy audits.
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It is clear that Tesla would benefit from BTC transactions being reintroduced. BTC’s price surged when the first crypto payment was implemented by an auto manufacturer.
Elon Musk – or Tesla, is yet to address the issue of reinstating BTC payments despite the two reports from the Bitcoin Mining Council showing that mining has now crossed 50% clean energy.
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