Bitcoin mining is reaching 57% renewable energy , which is why so many crypto users are pushing Tesla to keep paying in BTC
Crypto users urge Tesla to continue accepting BTC payments
According to recent reports, bitcoin mining is now using 57 percent green energy, which is why so many crypto users are urging Tesla to continue accepting BTC payments.
One of the main issues in the crypto world is energy use, and concerns about energy use and environmental damage were mentioned as a reason for China’s crackdown, which caused miners to abandon the country after the statewide ban. But first, in today’s bitcoin-breaking news, let’s talk about Tesla.
Tesla claimed identical reasons for removing the BTC payment option from its electric vehicles, which it had previously introduced. According to CEO Elon Musk, the company plans to reinstate BTC payments, but the perk is that BTC mining must use at least 50% sustainable energy.
That is not right. Tesla is only selling ~ 10% of its holdings to confirm that BTC can be easily liquidated without the market moving.
Once there is confirmation of reasonable clean energy use (~ 50%) by miners with a positive future trend, Tesla will continue to allow Bitcoin transactions.
– Elon Musk (@elonmusk) June 13, 2021
What is Bitcoin Mining Council?
The Bitcoin Mining Council, which was founded in June, is dedicated to tracking and reporting mining activity in this area, including the use of renewable energy in mining.
The council is made up of a group of bitcoin miners who initially announced in the second quarter of this year that bitcoin mining is now using 57% renewable energy. The board has released yet another report on mining operations’ energy consumption.
As a result, the BTC Mining board of directors revealed that the utilization of renewable energy grew in the third quarter, reaching 57.7%. Those figures are higher than the Tesla CEO’s June target.
However, studies show that Bitcoin mining uses 57 percent renewable energy, which should be enough for Musk to accept Bitcoin payments.
BTC supporters urged Elon Musk to reconsider his assertions against BTC transactions on Twitter, and data from the Bitcoin mining board quoted by others reveals that mining activities use more than 50% clean energy.
Confirmed.
Your movement @ElonMusk  pic.twitter.com/1c0TtKg1Ow
– Bitcoin archive (@BTC_Archive) December 1, 2021
Others questioned the accuracy of the panel’s numbers, citing a press release that stated that 33% of the global Bitcoin network participated in the survey, but another user stated that there is no way to acquire more data using paper questionnaires. Rather, energy audits should be carried out to identify the percentage of energy that is clean.
Tesla’s decision to resume Bitcoin transactions is unquestionably positive for the market. The price of Bitcoin surged when the maker initially implemented crypto payments. Despite two reports from the Bitcoin Mining Council indicating that mining is over 50% clean energy, Elon Musk has neglected to address the issue.
