Mining Hits 57% Renewable Energy, Will Tesla Keep Paying in BTC?
Bitcoin mining is reaching 57% renewable energy according to the latest reports, which is why so many crypto users are pushing Tesla to keep paying in BTC. Energy use is one of the biggest problems in the crypto space, and concerns about energy use and environmental impact are cited as a reason for China’s crackdown that led miners to flee the area following the nationwide ban. But first, let’s talk about Tesla first in today’s bitcoin breaking news.
Automaker Tesla cited similar reasons when it scrapped the BTC payment option on its electric vehicles, having previously introduced it. According to CEO Elon Musk, the company plans to reintroduce BTC payments, but the benefit is that BTC mining must be at least 50% clean 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
Established in June, the Bitcoin Mining Council is dedicated to tracking and reporting mining activities in this area and one of them is the use of renewable energy in mining. The council consists of a network of BTC miners who first reported in the second quarter of this year that bitcoin mining is reaching 57% renewable energy. The board has again published a report dealing with the energy consumption of mining operations. Therefore, the BTC Mining board reported that the use of renewable energy increased in the third quarter and reached 57.7% renewable energy. Those numbers are above the threshold set by the Tesla CEO in June.
However, studies show that 57% renewable energy is achieved in Bitcoin mining, which should be enough for Musk to bring in Bitcoin payments. Speaking to Twitter, BTC advocates urged Elon Musk to reconsider his claims against BTC transactions, and data from the Bitcoin mining board cited by others shows that mining activities are using more than 50% cleaner energy operate. Others questioned the reliability of the numbers provided by the panel, citing information from the press release that 33% of the global Bitcoin network took the survey, but another user said there is no way to get more data with paper surveys obtain. Instead, energy audits need to be conducted to determine the percentage of the energy that is clean energy.
Confirmed.
Your movement @ElonMusk ???? pic.twitter.com/1c0TtKg1Ow– Bitcoin archive (@BTC_Archive) December 1, 2021
There is no doubt that Tesla’s resumption of Bitcoin transactions will be good news for the marketplace. When the manufacturer first implemented crypto payments, the price of BTC skyrocketed. Elon Musk has not yet addressed the problem, despite two reports from the Bitcoin Mining Council showing that mining is over 50% clean energy.
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Bitcoin
Mining Hits 57% Renewable Energy, Will Tesla Keep Paying in BTC?
Bitcoin mining is reaching 57% renewable energy according to the latest reports, which is why so many crypto users are pushing Tesla to keep paying in BTC. Energy use is one of the biggest problems in the crypto space, and concerns about energy use and environmental impact are cited as a reason for China’s crackdown that led miners to flee the area following the nationwide ban. But first, let’s talk about Tesla first in today’s bitcoin breaking news.
Automaker Tesla cited similar reasons when it scrapped the BTC payment option on its electric vehicles, having previously introduced it. According to CEO Elon Musk, the company plans to reintroduce BTC payments, but the benefit is that BTC mining must be at least 50% clean 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
Established in June, the Bitcoin Mining Council is dedicated to tracking and reporting mining activities in this area and one of them is the use of renewable energy in mining. The council consists of a network of BTC miners who first reported in the second quarter of this year that bitcoin mining is reaching 57% renewable energy. The board has again published a report dealing with the energy consumption of mining operations. Therefore, the BTC Mining board reported that the use of renewable energy increased in the third quarter and reached 57.7% renewable energy. Those numbers are above the threshold set by the Tesla CEO in June.
However, studies show that 57% renewable energy is achieved in Bitcoin mining, which should be enough for Musk to bring in Bitcoin payments. Speaking to Twitter, BTC advocates urged Elon Musk to reconsider his claims against BTC transactions, and data from the Bitcoin mining board cited by others shows that mining activities are using more than 50% cleaner energy operate. Others questioned the reliability of the numbers provided by the panel, citing information from the press release that 33% of the global Bitcoin network took the survey, but another user said there is no way to get more data with paper surveys obtain. Instead, energy audits need to be conducted to determine the percentage of the energy that is clean energy.
Confirmed.
Your movement @ElonMusk ???? pic.twitter.com/1c0TtKg1Ow– Bitcoin archive (@BTC_Archive) December 1, 2021
There is no doubt that Tesla’s resumption of Bitcoin transactions will be good news for the marketplace. When the manufacturer first implemented crypto payments, the price of BTC skyrocketed. Elon Musk has not yet addressed the problem, despite two reports from the Bitcoin Mining Council showing that mining is over 50% clean energy.
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