According to the Bitcoin Mining Council, Bitcoin’s use of renewable energy rose to 56 percent in the second quarter of 202. Will electric car maker Tesla now accept Bitcoin as a means of payment again, as promised by Elon Musk?
“One of the cleanest industries in the world”
The encryption area has been debated for months: Does Bitcoin use too much electricity? Is Bitcoin harmful to the environment? If so, how much? And what can you do about it? These aspects have been the subject of debate for years, but they were only brought to the attention of the general public by Elon Musk’s now infamous Bitcoin environmental critique. Tesla’s CEO announced on Twitter in mid-May that his company will no longer accept Bitcoin payments in the future. Cause: Concerns about the impact of Bitcoin on the environment. A few weeks later added Musk: Tesla re-approves Bitcoin – on one condition:
“If the use of sufficient (~ 50%) clean energy is confirmed for miners with a positive future trend, Tesla will allow the Bitcoin transaction again.”
It is this confirmation that now seems to have been given. As Bitcoin Bull and MicroStrategy CEO Michael Saylor explain based on the “Bitcoin Mining Council,” electricity generation from BTC mining rose to 56 percent of sustainable energy in the second quarter of 2021. According to Saylor, Bitcoin (can be purchased at eToro or Libertex) is thus one of the ‘cleanest industries in the world’.
According to a study by the Bitcoin Mining Council network, the mining electricity mix rose to 56% sustainability in the second quarter of 2021 #Bitcoin one of the cleanest industries in the world.https://t.co/wWWgjebdtN
– Michael Saylor (@michael_saylor) July 1, 2021
Background Bitcoin Mining Council: The so-called Bitcoin Mining Council (BMC) is a global forum for voluntarily participating Bitcoin mining companies and other companies in the Bitcoin industry. It was founded shortly after Musk’s critique of Bitcoin. The BMC has now announced the results of its first quarterly survey. They focused on electricity consumption and electricity mixing at BTC.
Result inquiry: BMC members and survey participants currently buy electricity with a 67% sustainable electricity mix. Based on this data, it is estimated that the mining industry’s sustainable electricity mix was about 56 percent globally in the second quarter of 2021.
Chinese mining migrant an advantage
“I am pleased to see that the Bitcoin mining industry has formed voluntarily to provide citizens and decision-makers with critical information, particularly on the nature and extent of Bitcoin’s energy consumption.”
The Chinese mining industry was also under fire in the past. Numerous mining companies have now had to close down there. Darin Feinstein, founder of Block & Core Scientific, adds: Bitcoin benefits from Chinese robberies. Fine stone:
“Although China has shut down more than 60 percent of the global Bitcoin network, the Bitcoin network has had no downtime, no bailouts, no bankruptcies and has simply adapted to relocating its infrastructure to areas with more freedom. The network remains as strong as ever, it just drag the odds and keep going. ”
But is Bitcoin also so inviolable in terms of energy balance? Musk requires at least 50% renewable energy, now it should be 56%. So if the promised turnaround follows, will Tesla soon accept Bitcoin as a means of payment again? Will Musk turn his back on meme coins like DOGE and support Bitcoin again in the future? Now it’s his job to catch it, keep his word and defend the number 1 cryptocurrency again.