Calls For Tesla To Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy
04 December 2021 - 10:00AM
NEWSBTC
Bitcoin mining energy consumption has been one of the most
addressed issues in the crypto space. Concerns over its energy
consumption and environmental impact had been reasons cited during
the China crackdown that saw miners exit out of the region en
masse. The once bitcoin mining capital of the world had seen its
hashrate crumble to zero following this move. Automotive
manufacturer Tesla had also cited the same reasons when it had
removed BTC payments option for its electric vehicles after
implementing barely two months earlier. According to CEO Elon Musk,
the EV manufacturer planned on implementing BTC payments again but
the catch was that bitcoin mining would have to reach at least 50%
clean energy. Related Reading | Croatia’s Largest Supermarket
Chain Rolls Out Bitcoin Payments Bitcoin Mining Crosses 57%
Renewable Energy The Bitcoin Mining Council which had been formed
in June has been dedicated to tracking and reporting mining
activities in the space. One of those has been the renewable energy
usage in mining. The council which is made up of a network of
bitcoin miners first reported in Q2 of 2021 that bitcoin mining
activities had surpassed 50% renewable energy. In October, the
council had once again released a report addressing the energy
consumption of mining activities. The Bitcoin Mining Council
reported that renewable energy usage had gone up in Q3, touching at
57.7% renewable energy. These numbers have evidently surpassed the
threshold that Tesla CEO Elon Musk had set back 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 BTC crashes to $55K | Source: BTCUSD on
TradingView.com Calls For Tesla To Resume BTC Payments Taking to
Twitter, BTC supporters had called on Elon Musk to review his
statement regarding BTC transactions for 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. Confirmed. Your move @ElonMusk 🤔
pic.twitter.com/1c0TtKg1Ow — Bitcoin Archive 🗄🚀🌔 (@BTC_Archive)
December 1, 2021 Others, however, have questioned the credibility
of the numbers provided by the council. Pointing out information
from the press release that said 33% of the global bitcoin network
had taken part in the survey. Another user said that there was no
way to get reliable data using paper surveys. Rather energy audits
would need to be carried out to determine what percentage of energy
is clean energy. Related Reading | SEC Boss Acknowledges That
Bitcoin Is A Competitor For U.S. Banking System There is no doubt
that Tesla resuming BTC transactions would be positive for the
market. The first time the automotive manufacturer had implemented
crypto payments had sent the price of BTC surging. 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. Featured image from
Ledger Insights, chart from TradingView.com
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