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Will Tesla Re-accept Bitcoin After Bitcoin Mining Board Quarterly Report?

Source: https://bit.ly/3hvZ3NR

we published the Bitcoin Mining Council’s report on the use of clean energy in Bitcoin mining.

Its share in the mining process reached 52.2% in 2021.

Will Tesla reverse its decision to reject Bitcoin on environmental grounds given that the mining process is now much more sustainable and cleaner than it used to be, at least according to the Bitcoin Mining Council?

As a reminder, Elon Musk had previously claimed, after Tesla, the electric vehicle maker, backed away from accepting bitcoin that he would reconsider accepting bitcoin, as soon as data indicated that the majority of mining energy comes from renewable sources.

Elon Musk has also championed the idea of ​​the BMC Mining Council, so the ball is now in his court to redouble his early commitment.

Bitcoin mining with renewable energy:

According to the results of the Bitcoin Mining Council survey that questioned 32% of miners globally, there is a 56% increase in clean energy consumption by Bitcoin miners.

The first quarterly edition of the Bitcoin Mining Council breaks one of the biggest myths about Bitcoin mining.

Which revolves around the fact that Bitcoin consumes 1% of the global electricity and depends on unclean sources.

Michael Saylor, CEO of MicroStrategy and a core member of the Bitcoin Mining Council stated:

I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide important information to the general public and policy makers, particularly in terms of clarifying common misconceptions about the nature and scale of energy use of Bitcoin mining.

The recent update of the Bitcoin Mining Council could be a game changer amid China’s anti-Bitcoin campaign and the global decline in Bitcoin mining hash power.

Mr. Darren Feinstein, founder of Block & Core Scientific explained how the Chinese campaign in favor of Bitcoin would work and told:

Despite China shutting down more than 60% of the global bitcoin network, the bitcoin network has seen no downtime, no bailouts, no bankruptcies, and simply adapted by redeploying its infrastructure to regions with greater freedoms.

Grid remains as strong as ever, simply shrugging off adversity and moving forward.

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