According to the latest reports, bitcoin mining hits 57% renewable energy which is why a lot of crypto users urged Tesla to resume its BTC payments. Energy consumption has been one of the biggest issues in the crypto space and the concerns of energy consumption and environmental impact were cited as reasons during the China crackdown that saw miners fleeing the region en masse after the country-wide ban. But first, let’s talk about Tesla first in today’s Bitcoin latest news.
The automotive manufacturer Tesla cited the same reasons when it removed the BTC payments option for its electric vehicles after implementing it earlier. According to CEO Elon Musk, the company planned on implementing BTC payments again but the catch was that the BTC mining would have to reach at least 50% clean energy.
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
The Bitcoin mining council that was formed in June was dedicated to tracking and report mining activities in this space and one of these has been the renewable energy usage in mining. The council is made up of a network of BTC miners initially reported in Q2 of this year which said Bitcoin mining hits 57% renewable energy. The council had once again released a report addressing the energy consumption of mining activities so the BTC mining council reported that the renewable energy usage increased in the third quarter and touched 57.7% renewable energy. These numbers surpassed the threshold that Tesla’s CEO set back in June.
However, the researches show that bitcoin mining reaches 57% renewable energy which is supposedly enough for Musk to bring back the Bitcoin payments. Talking to Twitter, BTC supporters called on Elon Musk to review his statement against the BTC transactions and the data from the Bitcoin mining council quoted by others to show that the mining activities are being powered by more than 50% of clean energy. Others questioned the credibility of the numbers provided by the council and pointed out information from the press release which said 33% of the global bitcoin network took part in the survey but another user said that there was no way to get more data using paper surveys. Rather energy audits will need to be carried out to determine which percentage of energy will be clean energy.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) December 1, 2021
There’s no doubt that Tesla resuming Bitcoin transactions will be good news for the market. The first time the manufacturer implemented crypto payments sent the price of BTC surging. Elon Musk is still yet to address this issue despite the two reports from the Bitcoin mining council showing that the mining crossed 50% clean energy.
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