With Bitcoin's 50%+ green energy, will Musk honor Tesla's BTC promise?

Bhim5551

The energy consumption of Bitcoin has always been a hot topic of concern for environmentalists. With the increasing application of green energy, the proportion of green energy used in Bitcoin mining is rapidly rising, surpassing the 50% threshold. This news was shared by Bloomberg crypto analyst Jamie Coutts on social media yesterday. This information quickly brings to mind the statements made by Tesla's founder Elon Musk in June 2021. At that time, Musk stated that once the proportion of green energy used in Bitcoin mining exceeded 50%, Tesla would resume accepting Bitcoin payments.

We all know about Musk's relationship with Bitcoin. Tesla announced in 2021 that it had purchased Bitcoin and planned to support purchases of Tesla vehicles with Bitcoin. However, shortly after, on May 13, 2021, Musk made the above-mentioned statements expressing concerns about the environmental impact of Bitcoin mining and transactions. Two years have passed, and Coutts states that the Bitcoin green energy usage rate has exceeded 50%, and the market is eagerly awaiting whether Musk will fulfill his promise to resume Bitcoin purchases of Tesla. As of now, we have not received confirmation from Musk regarding this news.

Regarding the current state of Bitcoin mining using renewable energy, Coutts further pointed out that Cambridge Centre for Alternative Finance revised its estimate of Bitcoin's electricity consumption for 2022 from 105.3 TWh to 95.5 TWh after a more accurate assessment of the integrated circuit (ASIC) machines used in the mining process by Coin Metrics. Climate tech venture capitalist Daniel Batten also improved his model, noting that previous assessments did not take into account emerging green energy sources such as off-grid power and hydrogen energy, thereby overstating concerns about Bitcoin's carbon footprint.

Currently, the highest proportion of green energy used in Bitcoin mining is hydropower at 23.1%, followed by natural gas at 21.1%, wind power at 14%, nuclear energy at 7.9%, and solar power at 5%, among others. The combined share of these green energy sources has now exceeded 50%. With the continuous increase in the proportion of green energy in Bitcoin mining, we hope that Musk can fulfill his previous commitments and restart the project of purchasing Tesla with Bitcoin, contributing more possibilities to both environmental conservation and cryptocurrency development. Do you think Musk will fulfill his previous commitments? Is Bitcoin payment for Tesla truly feasible?