Elon Musk’s benchmark for Tesla to accept Bitcoin payments may have been met, as the percentage of Bitcoin mining energy coming from renewable sources has exceeded 50%. This information was reported by Bloomberg analyst Jamie Coutts on X (formerly Twitter). Coutts stated that the rise in sustainable energy sources and a rising hash rate indicate that Bitcoin mining is consuming more sustainable energy. This shift towards renewable energy is a result of miners dispersing from China following the country’s mining ban in 2021 and other nations turning to mining to monetize stranded and excess energy.
Countries such as El Salvador, Bhutan, Oman, and the United Arab Emirates are investing in BTC mining, with El Salvador even recognizing Bitcoin as legal tender since 2021. The achievement of the 50% energy benchmark could potentially lead to greater adoption of Bitcoin by major companies.
It’s worth noting that Elon Musk, the CEO of Tesla, previously announced that the company would stop accepting BTC payments due to concerns about the environmental impact of Bitcoin mining. However, Musk established a threshold of 50% sustainable energy sources for when Tesla would resume accepting Bitcoin payments. While Musk has acknowledged the positive trend towards green energy sources, he has not yet publicly announced any plans to resume BTC payments.
At the time of publication, the price of Bitcoin was $26,572, showing a 2% increase in the last seven days.
Sources:
– Elon Musk and Crypto Twitter: https://cointelegraph.com/news/bitcoin-clean-energy-usage-exceeds-50-percent-tesla-accepting-btc-payments(https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/elon-musk-and-crypto-twitter)
– Jamie Coutts’ tweet: https://cointelegraph.com/news/bitcoin-clean-energy-usage-exceeds-50-percent-tesla-accepting-btc-payments(https://twitter.com/Jamie1Coutts/status/1702232779294183548)
– Countries investing in BTC mining: https://cointelegraph.com/news/bitcoin-clean-energy-usage-exceeds-50-percent-tesla-accepting-btc-payments(https://cointelegraph.com/news/uae-emerges-as-a-pro-bitcoin-mining-destination-in-the-middle-east)
– Tesla’s diamond hands: EV maker’s Bitcoin holdings see no change in Q2: https://cointelegraph.com/news/bitcoin-clean-energy-usage-exceeds-50-percent-tesla-accepting-btc-payments(https://cointelegraph.com/news/tesla-bitcoin-holdings-no-change-in-second-quarter)
– Elon Musk lays out when Tesla will begin accepting Bitcoin payments again: https://cointelegraph.com/news/bitcoin-clean-energy-usage-exceeds-50-percent-tesla-accepting-btc-payments(https://cointelegraph.com/news/elon-musks-lays-out-when-tesla-will-begin-accepting-bitcoin-payments-again)
– Elon Musk says Bitcoin may have already hit his benchmark on renewable energy: https://cointelegraph.com/news/bitcoin-clean-energy-usage-exceeds-50-percent-tesla-accepting-btc-payments(https://cointelegraph.com/news/elon-musk-says-bitcoin-may-have-already-hit-his-benchmark-on-renewable-energy)
– Bitcoin is on a collision course with ‘Net Zero’ promises: https://cointelegraph.com/news/bitcoin-clean-energy-usage-exceeds-50-percent-tesla-accepting-btc-payments(https://cointelegraph.com/magazine/bitcoin-net-zero-2050-climate-change)
Note: The article does not contain any direct quotes, so no quotes have been included in the rewritten version.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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