In 2021, Elon Musk declared that Tesla would consider accepting Bitcoin payments once the cryptocurrency's mining was powered by roughly 50% clean energy, provided the trend continued favorably. Recent data suggests this milestone may have been achieved.
Bloomberg analyst Jamie Coutts highlighted in a September 14 post on X (formerly Twitter) that mining energy from renewable sources has now exceeded 50%. Moreover, emissions have decreased, and hash rates have shown significant growth. The shift toward renewables can be attributed to factors such as China's mining ban, which commenced in 2021, prompting miners to relocate from the country. Additionally, some nations are leveraging mining to monetize surplus and stranded energy.
Several countries have been actively investing in Bitcoin mining, including El Salvador (which, since 2021, also recognizes cryptocurrencies as legal tender), Bhutan, Oman, and the United Arab Emirates. The achievement of a 50% energy benchmark could trigger more action from Tesla, one of the world's largest corporations. Elon Musk, who is not only the CEO of Tesla but also owns X and founded SpaceX, previously announced in May 2021 that Tesla would cease accepting Bitcoin payments due to concerns about the cryptocurrency's substantial reliance on fossil fuels for mining and trading. While Musk has acknowledged the positive developments in green energy, he has not publicly indicated any plans to reinstate Bitcoin payments for Tesla.
As of the time of writing, Bitcoin was trading at $26,572, reflecting a more than 2% increase in the past seven days.
