• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Nexo

Elon Musk Wants “50% Clean Energy Bitcoin Mining,” How Do We Determine That?

Anifowoshe Ibrahim by Anifowoshe Ibrahim
1 year ago
in Bitcoin
0
Advertisement

On Sunday, Tesla’s CEO Elon Musk tweeted that when there’s “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Elon Musk And The Green Energy Debate

These days, Elon Musk and a slew of other billionaires have a lot to say, and it appears that Musk can influence the price of Bitcoin with a single tweet. It was certainly the case when Tesla first accepted bitcoin (BTC) as payment for electric vehicle purchases.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

After that announcement, BTC’s price jumped by $10K seeing one of the largest daily candles in its lifetime. Then when Musk tweeted that bitcoin wouldn’t be accepted and Tesla cited environmental concerns, the price dropped significantly. Sunday’s tweet boosted BTC prices by 9% and the price has inched past the psychological $40K region.

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

Despite his good intentions, it’s difficult to predict how Musk will achieve his goal of determining whether the bitcoin mining ecosystem uses 50% clean energy. According to some studies, the goal may have already been achieved, as researchers have been looking into the number of miners who use renewables for quite some time.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Musk might want to study Coinshares’ analysis from June 2019, which shows that renewable energy sources power 74.1 percent of the bitcoin mining industry. Additionally, Coinshares issued a survey on the same subject the year before, finding that renewable energy-dependent miners accounted for about 77.8% of all miners.

No Definite Data

Global asset manager Ark Invest Management explained in mid-May that concerns over the Bitcoin network’s energy consumption are “misguided.” Even John Lennon’s son detailed that Bitcoin’s use of energy was a silly argument compared to the carbon footprint that’s tied to consumerism

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Well, it seems most critiques have been leveraging data derived from Cambridge Bitcoin Electricity Consumption Index (CBECI) and the index provided by digiconomist.net. Both metrics show large discrepancies (between each site) to this very day and in December 2020, Bitcoin.com News was told at the time the “CBECI map hasn’t been updated for some time now.” These discrepancies and the notation that data wasn’t (at least in December 2020) being updated regularly, could be problematic for analysts.

The CBECI representative brought this inconsistency to light in the first place because the website claimed that China accounted for 65% of the hashrate. This statistic was challenged in July 2020, when Bitooda research revealed that China accounted for only 50% of global hashrate.

Despite the rising hashrate in North America and the purchase of thousands of mining rigs by Western countries over the last six months, CBECI data shows that China still holds 65.08 percent of the BTC hashrate on June 14, 2021. According to pool statistics, Foundry USA has been capturing a lot of hashrate recently, capturing 4.3 percent of global hashrate on Monday.

Bitcoin Mining Council May Open Leeway

Meanwhile, Microstrategy CEO Michael Saylor has been tweeting about the Bitcoin Mining Council, announcing that the organization will meet this week on Wednesday. Despite the noble intentions behind this concept, many people are in doubt and question whether it even matters.

“On Wednesday, you are all invited to meet with members of the Bitcoin Mining Council to discuss the latest on bitcoin Mining, the energy debate, network dynamics, China mining policy, North American mining developments, tech trends & industry outlook,” Saylor tweeted.

North America may account for 10% to 15% of global hashrate, but that is insignificant when compared to the vast majority of miners worldwide. However, the newest crackdown news from Beijing may force the worldwide mining industry to switch to renewable energy anyhow.

bitcoin rising
BTC/USD has broken the $40k psychological barrier. Source: TradingView

Related article | Bitcoin Surges Close To $40,000 After Elon Musk’s Meeting With Miners

Featured image from Pixabay, Charts from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

bitcoin miners

Bitcoin Miners Sold 5,700 BTC During July, New Report Finds

9 hours ago
Bitcoin

Bitcoin Miner Revenue Slows Down As BTC Price Slumps Sideways

11 hours ago
Crypto

Crypto Markets Have ‘Hit The Floor,’ JP Morgan Says, As Bitcoin Nears $24,000

16 hours ago
Maximalists Could Use A Different Route, Says Bitcoin Core Contributor

Maximalists Could Use A Different Route, Says Bitcoin Core Contributor

16 hours ago
Craig Wright

Craig Wright Uses ‘F’ Word Against Interviewer In Asserting He Invented Bitcoin, During TV Guesting

18 hours ago
Bitcoin Bearish Signal: Leverage Ratio Spikes Up

Bitcoin Bearish Signal: Leverage Ratio Spikes Up

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.