July 16, 2024
Bitcoin News

Bitcoin’s Clean Energy Usage Exceeds 50%: Will Tesla Accept BTC Payments?

In 2021, Elon Musk stated that Tesla would consider accepting Bitcoin payments once the majority of Bitcoin mining operations were utilizing approximately 50% or more clean energy sources, and this criterion appears to have been met recently.

On September 14, Bloomberg analyst Jamie Coutts shared on X (formerly Twitter) that over 50% of the energy used in Bitcoin mining now originates from renewable sources. This shift towards cleaner energy sources coincided with a decline in emissions and a substantial increase in the Bitcoin network’s computational power. Coutts attributed this transition to several factors, including the dispersion of miners from China following the country’s mining ban in 2021 and the willingness of certain nations, such as El Salvador, Bhutan, Oman, and the United Arab Emirates, to embrace Bitcoin mining as a means of utilizing excess and stranded energy resources. Notably, El Salvador had also officially recognized Bitcoin as a legal tender in 2021. Achieving the 50% clean energy benchmark could potentially pave the way for increased acceptance of Bitcoin by one of the world’s largest companies.

In May 2021, Elon Musk, who serves as the CEO of Tesla, owns X, and founded SpaceX, announced Tesla’s suspension of Bitcoin payments due to concerns about the environmental impact of Bitcoin mining, particularly its reliance on fossil fuels. Although Musk had set the 50% clean energy threshold as a condition for reconsidering Bitcoin payments, he acknowledged the positive trend towards greener energy sources. Nevertheless, as of the current moment, there hasn’t been a public announcement from Musk indicating a change in Tesla’s policy regarding Bitcoin payments. At the time of this publication, the price of Bitcoin stood at $26,572, having registered a more than 2% increase in the past week.

Image by motoviurii on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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