• As mining reaches 57 percent renewable energy, calls are being made for Tesla to resume bitcoin payments

  • Bitcoin mining energy consumption has been one of the most discussed topics in the cryptocurrency community. Concerns about its energy consumption and environmental impact were cited as reasons for the China crackdown, which caused a mass exodus of miners from the region. Following this move, the once-dominant bitcoin mining capital of the world saw its hashrate plummet to zero.

    Tesla cited the same reasons when it removed the BTC payment option from its electric vehicles, which it had only implemented two months before. According to CEO Elon Musk, the EV manufacturer intended to reintroduce BTC payments, but the catch was that bitcoin mining would have to use at least 50% clean energy.

    Bitcoin mining now consumes more than 57 percent renewable energy.

    The Bitcoin Mining Council, which was formed in June, is dedicated to tracking and reporting on mining activity in the space. One of these has been the use of renewable energy in mining. The council, which is made up of a network of bitcoin miners, first reported in the second quarter of 2021 that bitcoin mining activities had exceeded 50% renewable energy.

    In October, the council issued a new report on the energy consumption of mining activities. The Bitcoin Mining Council reported that renewable energy usage increased in Q3, reaching 57.7 percent.

    These figures have clearly surpassed the threshold set by Tesla CEO Elon Musk in June as a prerequisite for resuming BTC payments.

    This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving 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

    Demands that Tesla resume BTC payments

    BTC supporters took to Twitter to ask Elon Musk to reconsider his statement about BTC transactions for Tesla vehicles. Others had cited data from the Bitcoin Mining Council’s report to demonstrate that mining

    Others, on the other hand, have questioned the credibility of the council’s figures. In the press release, it was stated that 33 percent of the global bitcoin network participated in the survey. Another user stated that paper surveys could not provide reliable data. Instead, energy audits would be required to determine what percentage of energy is clean energy.

    Without a doubt, Tesla resuming BTC transactions would be beneficial to the market. The first time the automotive manufacturer accepted cryptocurrency payments, the price of BTC skyrocketed.

    Despite two reports from the Bitcoin Mining Council indicating that mining has now reached 50 percent clean energy, Elon Musk – or Tesla – has yet to address the issue of resuming BTC payments.

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