Bitcoin mining energy consumption has always been one of the most concerned issues in the encryption field. Concerns about energy consumption and environmental impact were cited as reasons cited during China’s crackdown on the evacuations of large numbers of miners from the area. After this move, the hash rate that was once the world’s Bitcoin mining capital has dropped to zero.
The car manufacturer Tesla also cited the same reason Removed the BTC payment option for electric vehicles Less than two months after implementation. According to CEO Elon Musk, the electric car manufacturer plans to implement BTC payments again, but the problem is that Bitcoin mining must achieve at least 50% clean energy.
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Bitcoin mining surpasses 57% of renewable energy
this Bitcoin Mining Council The company was established in June and has been dedicated to tracking and reporting on mining activities in this area. One of them is the use of renewable energy in mining.The committee was first formed by a network of Bitcoin miners Report In the second quarter of 2021, Bitcoin mining activities have exceeded 50% of renewable energy.
In October, the committee again issued a report on energy consumption in mining activities.Bitcoin Mining Council Report The use of renewable energy increased in the third quarter, reaching 57.7% of renewable energy.
These figures clearly exceed the threshold set by Tesla CEO Elon Musk in June as a prerequisite for the resumption of BTC payments.
This is not accurate. Tesla only sold about 10% of its shares to confirm that BTC can be easily liquidated without moving the market.
When it is confirmed that miners with positive future trends use clean energy reasonably (about 50%), Tesla will resume allowing Bitcoin transactions.
-Elon Musk (@elonmusk) June 13, 2021
BTC crashes to $55K | Source: BTCUSD on TradingView.com
Call for Tesla to resume Bitcoin payments
On Twitter, BTC supporters called on Elon Musk to review his statement about Tesla Motors’ BTC transaction. Others cited data from the Bitcoin Mining Commission report to show that mining activities are now powered by more than 50% of clean energy.
— Bitcoin Archive🗄🚀🌔 (@BTC_Archive) December 1, 2021
However, others question the credibility of the figures provided by the committee.Point out that the information comes from Press release claims 33% of the global Bitcoin network Participated in the investigation.other user Said that there is no way to use paper surveys to obtain reliable data. Instead, an energy audit is required to determine the percentage of clean energy in energy.
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There is no doubt that Tesla’s resumption of BTC trading will be beneficial to the market. The automaker implemented encrypted payments for the first time, causing the price of BTC to soar.
Although two reports from the Bitcoin Mining Council show that the mining industry now has more than 50% clean energy, Elon Musk (or Tesla) has not resolved the issue of resuming BTC payments.
Featured image from Ledger Insights, chart from TradingView.com