The energy consumption of Bitcoin mining has been one of the most addressed issues in the crypto space. Concerns about its energy consumption and environmental impact were the reasons given during the crackdown in China that saw miners leave the region in droves. The former bitcoin mining capital of the world had seen its hash rate collapse after the move.
Automaker Tesla also cited the same reasons when it removed the BTC payment option for its electric vehicles after its implementation just two months earlier. According to CEO Elon Musk, the electric vehicle maker planned to implement BTC payments again, but the problem was that bitcoin mining would have to achieve at least 50% clean energy.
The Bitcoin Mining Council, which was formed in June, has dedicated itself to tracking and reporting mining activity in space. One of them has been the use of renewable energy in mining. The council, made up of a network of bitcoin miners, first reported in Q2 2021 that bitcoin mining activity had exceeded 50% renewable energy.
In October, the city council reissued a report on the energy consumption of mining activities. The Bitcoin Mining Council reported that renewable energy consumption increased in the third quarter, reaching 57.7% renewable energy.
Those figures have obviously passed the threshold that Tesla CEO Elon Musk set in June as a precondition for resuming BTC payments.
This is incorrect. Tesla only sold about 10% of the holdings to confirm that BTC could be easily liquidated without moving the market.
When there is confirmation of reasonable clean energy use (around 50%) by miners with a positive future trend, Tesla will resume Bitcoin transactions.
Speaking to Twitter, BTC supporters had asked Elon Musk to reconsider his statement regarding BTC transactions for Tesla vehicles. Others have cited data from the Bitcoin Mining Council report to show that mining activities now run on more than 50% clean energy.
Others, however, questioned the credibility of the figures provided by the city council. Highlighting the information from the press release that 33% of the global bitcoin network participated in the survey. Another user said that there is no way to get reliable data using paper surveys. Rather, energy audits should be performed to determine what percentage of energy is clean energy.
There is no doubt that Tesla’s resumption of BTC trading would be positive for the market. The first time the automaker implemented crypto payments, the price of BTC skyrocketed.
Elon Musk, or Tesla, has yet to address the problem of restoring BTC payments despite two reports from the Bitcoin Mining Council showing that mining has now passed 50% clean energy.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, forecasts technical analysis and the price of bitcoin and other altcoins. At NewsBTC, we are committed to educating everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin trading, bitcoin mining, and price predictions for various cryptocurrencies.
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