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 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 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)
BTC crashes to $55K | Source:
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.Others, however, have questioned the credibility of the numbers provided by the council. Pointing out information from the had taken part in the survey. Another 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.Confirmed.
— Bitcoin Archive (@BTC_Archive)
Your move 🤔
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