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- If Tesla resumes accepting BTC payments, it will likely enhance the price of Bitcoin.
- The proportion of Bitcoin mining energy derived from renewable sources has exceeded 50%.
It appears that the standards established by Elon Musk in 2021, which required miners to utilize approximately 50% renewable energy sources “with a positive future trend,” have been met.
The share of Bitcoin mining energy coming from renewable sources has surpassed 50%, as reported by Bloomberg analyst Jamie Coutts, who shared this information in a Twitter thread on September 14. He attributed this development to “decreasing emissions coupled with a significantly increasing hash rate.”
Coutts suggests that the shift towards renewable energy sources is a result of miners relocating from China following the country’s mining ban in 2021, and that other nations have begun mining to “monetize stranded and excess energy.”
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El Salvador, which has recognized Bitcoin as legal tender since 2021, is among several countries that have made considerable investments in Bitcoin mining, alongside Bhutan, Oman, and the UAE.
All Eyes on Musk
Elon Musk, the CEO of Tesla, previously announced that the company would halt the acceptance of Bitcoin (BTC) payments starting in May 2021. He cited the reliance on fossil fuels for Bitcoin mining and transactions as the rationale for this decision.
The Tesla CEO has yet to make any public statements regarding the potential reinstatement of BTC payments. If Tesla resumes accepting BTC payments, it will likely enhance the price of Bitcoin. At the time of this report, Bitcoin is trading at $26,425, reflecting a decrease of 0.82% over the past 24 hours according to data from CMC.
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