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Bitcoin

Will Tesla Accept Bitcoin After BMC’s Quarterly Report?

by Miki 07/02/2021
by Miki 07/02/2021 0 comment

The Bitcoin mining industry’s sustainable electricity mix grows up to 56%

Bitcoin Mining Council’s (BMC) July data revealed an approximately 56% hike in sustainable energy consumption by the global Bitcoin mining industry, making it one of the most sustainable industries. 

Source: Bitcoin Mining Council

Tesla’s May 2021 roll back from Bitcoin as an eco-conscious step might change with the latest BMC reports on bitcoin’s sustainability. Elon Musk could finally give up highly volatile meme coins and switch back to endorsing Bitcoin.

Musk had claimed at the time of Tesla’s rollback that the EV maker would reconsider accepting Bitcoin once data suggest a majority of its mining energy comes from renewable sources. He had also advocated for the BMC, so the ball is in his court now to double down on his early commitment.

Bitcoin Network Uses Most Renewable Energy

The results of the Q2 BMC survey collected 32% of global energy consumption information from the active bitcoin network. The survey saw a 67% sustainable power mix in global mining electricity usage, with an outcome of a 56% increase in sustainable energy consumption by bitcoin miners.

BMC first quarterly release has hit the bull’s eye by busting one of the biggest myths about bitcoin mining.

Source: Bitcoin Mining Council

Michael Saylor, CEO MicroStrategy and core member of BMC forum.

“I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide critical information to the general public and policymakers, especially as it pertains to clarifying common misconceptions about the nature and scale of Bitcoin energy usage,” 

BMC’s recent update can be a game-changer amid China’s crypto crackdown, and a global decline in cryptocurrency mining hashpower.

Darin Feinstein, founder of Block & Core Scientific explained how China’s crackdown would work in favor of Bitcoin. He said,

“Despite China shutting down over 60 percent of the global Bitcoin network, the Bitcoin network experienced zero downtime, no bailouts, has registered no bankruptcies, and simply adapted by redeploying its infrastructure into regions that have greater freedoms. The network remains as strong as ever, it simply shrugs off adversity and moves forward.”

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
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  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

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      Learn

      How to Trade Bitcoin Futures

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      How to Create Your Own Cryptocurrency

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  • Analysis
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      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
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      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

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      Blockchain

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      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

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