Elon Musk says Tesla will resume Bitcoin acceptance if majority of miners go ‘green’

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It’s been just over a month since a group of miners in China including Bitmain and ViaBTC, companies that produce the world’s biggest bitcoin mining machines, took down the bitcoin network. Since then, the bitcoin blockchain has been under stress for most of the time, with few miners, if any, able to keep the network running.

Over the weekend, Tesla CEO Elon Musk announced on Twitter that the company’s auto-charging stations will accept cryptocurrency payments for electricity, if a majority of the network of Bitcoin miners go green.

Tesla CEO Elon Musk revealed to the Associated Press that his electric auto manufacturer will resume accepting bitcoin payments for its vehicles if the majority of bitcoin miners switch to what he considers to be “green” energy sources. Musk said that the company will use a “green energy” supplier if most bitcoin miners want to transition to green energy sources, according to the Associated Press.. Read more about elon musk twitter and let us know what you think.

Elon Musk says Tesla will resume Bitcoin acceptance if majority of miners go ‘green’ Elon Musk, CEO of electric car maker Tesla, said today that the company would again accept bitcoin payments for its cars, provided most miners use renewable sources to power their businesses. If reasonable (~50%) use of clean energy by miners is confirmed with a positive future trend, Tesla will allow bitcoin transactions again, Musk wrote in his tweet. The company began accepting bitcoin as payment for its cars earlier this year, but said a few weeks later that it was discontinuing the service because of bitcoin’s impact on the environment. Musk also dismissed Sygnia CEO Magda Wierzycka’s claim that he used his position and influence to manipulate bitcoin prices. Tesla only sold ~10% of its shares to confirm that BTC can be easily liquidated without the market moving, Musk said, refuting such rumors (however, the market has been moving since he announced it last month). Primary energy from renewable sources : Russia: 5% India : 8% USA : 8% Australia : 8% France : 11% China. 12% GREAT BRITAIN : 14% Germany : 17%#Bitcoin is 39-73%, double the US. – Bitcoin documenting (@DocumenterBTC) June 13, 2021

Bitcoin, mining and environment

For the uninitiated, mining uses a huge computer system that performs millions of complex calculations per second to validate transactions on the Bitcoin network (a process known as proof of work). However, this requires an enormous amount of energy for maintenance, cooling and operation of the machines. But some argue that coal as an energy source and fossil fuel producers leave a large carbon footprint and seem to do little good for the world. The above points have become a real PR challenge for companies, especially now that carbon neutrality and going green have become major themes for businesses. However, the alleged environmental impact of bitcoin mining contradicts this initiative. Miners, on the other hand, argue that most operations are powered by renewable energy sources such as hydropower or wind, or even unusual sources such as torches and cow dung. In addition, El Salvador, the Central American country that legalized bitcoin last week, has developed plans to mine bitcoin using geothermal energy generated by volcanoes. In the meantime, some mining groups have already banded together to establish self-regulation and make these activities more environmentally friendly. As we reported last month, leading North American miners, bitcoin companies and even Tesla CEO Elon Musk have formed the Bitcoin Mining Council, a consortium of stakeholders with one goal in mind: The use of renewable energy, or waste energy, for bitcoin mining and the theoretical reduction of the alleged climate problem. Potentially promising, Musk tweeted at the time. But for now, the criticism continues.

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Elon Musk, the CEO of Tesla and SpaceX, told CNBC today that if the majority of Bitcoin miners were to switch to green energy, the company would start accepting the cryptocurrency in its stores. Musk has been using his twitter account to criticize the cryptocurrency market as being in a bubble and investing in it is “suicide”, but he recently said he is only looking at green energy investment.. Read more about crypto news and let us know what you think.

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