Now Bitcoin network depends on more than 50% renewable sources of energy
The Bitcoin proponents called Tesla CEO Elon Musk to accept Bitcoin as a payment option for Tesla motors again, as the Bitcoin blockchain runs on 50% sustainable energy sources.
In early 2021 popular electric car manufacturer company Tesla started accepting Bitcoin payments and also purchased $1.15 billion worth of Bitcoin. In the last 2 years, Tesla sold the majority of its Bitcoin holdings & now has nearly $184 million worth of Bitcoin in its portfolio. In July 2021, Tesla officially suspended the Bitcoin payment option, citing high network fees & surging carbon footprint levels because of the Bitcoin mining mining operations. Later Musk promised that he will again push Bitcoin payment adoption for Tesla cars if Bitcoin network will run on more than 50% pollution free soruces of energy.
At the time Bitcoin trade price plunged nearly 6% within a couple of hours following the news.
It’s been nearly 2 years and now more than 50% of the Bitcoin mining operations use electricity from sustainable, renewable, & green sources of energy.
On 14 Sep 2023, Bloomberg analyst Jamie Coutts shared a report on the Bitcoin network energy consumption and showed that the majority of the dependence on Bitcoin mining operations rapidly shifted toward sustainable & renewable sources of energy.
Jamie’s shared report showed that CO2 emissions were reduced by 37.5% in the last 2 & ½ years because of Bitcoin mining operations. In short, it shows that Bitcoin propenents are continuously moving toward environmental health care supportive soruces of energy.
— Jamie Coutts CMT (@Jamie1Coutts) September 14, 2023
Since China's mining ban in mid-2021 when emissions peaked at 60.9 megatonnes of carbon dioxide equivalent (CO2e), emissions have declined 37.5%
The Bloomberg analysts noted that on one side Bitcoin miners shifted their operations toward the environmental friendly energy sources, on the other hand, the Bitcoin network mining hash rate surging rapidly, which shows that Bitcoin is continuously gaining decentralization with better path.
Jamie also shared a screenshot of a 2020 report on Bitcoin by the World Economic Forum (WEF), in which they mentioned that the Bitcoin network will consume more energy than the whole world in the future.
On behalf of these findings, the majority of the Crypto X users are calling Tesla CEO Musk to again adopt Bitcoin as a payment option for Tesla.
Read also: Gary Gensler blames crypto for American bank’s bankruptcy
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