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Elon Musk stated in 2021 that once miners use approximately 50% clean energy, "the future is bright," and Tesla will accept Bitcoin payments - a benchmark that may have recently been reached.
Bloomberg analyst Jamie Coutts reported in a September 14th X (formerly Twitter) post that the proportion of renewable energy in Bitcoin mining energy has exceeded 50%, with "emissions down, and hash rate up." Coutts suggests that the drive for renewable energy development is due to certain countries turning to mining to "monetize stranded and excess energy."
Countries investing in BTC mining include El Salvador (which has also recognized cryptocurrencies as legal tender since 2021), Bhutan, Oman, and the United Arab Emirates. The 50% energy benchmark could mean that one of the world's largest companies will take further action.
Tesla CEO, X owner, and SpaceX founder Musk announced in May 2021 that Tesla would stop accepting Bitcoin payments, citing the rapid increase in the use of fossil fuels in Bitcoin mining and transactions at the time. Since setting a 50% sustainable energy threshold for the company's payments, Musk has acknowledged positive trends in green energy but has not changed Tesla's policy.
The Tesla CEO has not publicly announced any measures to resume Bitcoin payments as of the time of writing. As of now, the price of Bitcoin is $26,572, up over 2% in the past 7 days. |
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Post time 1-10-2023 05:35:21
