Musk’s Tesla BTC Payment Plans Revived as Bitcoin Hits 50% Clean Energy Usage

Bitcoin’s clean energy usage has reached the 50% threshold set by Elon Musk, sparking renewed interest in Tesla potentially resuming BTC payments. The milestone showcases the crypto industry’s push toward sustainability despite rising global energy costs.

Bitcoin Sustainability Milestone Sparks Industry Optimism

A steady increase in the use of Bitcoin for sustainable energy has been observed since at least April 2021, according to Woochart (via Coingape). Using the definition of sustainability from the Cambridge Center for Alternative Finance, the platform calculates this clean energy usage.

The percentage of cryptocurrency mined by renewable energy sources (such as wind, solar, hydro, or nuclear power) determines the depicted metric. Industry leaders are ecstatic that this sustainable mining operation has achieved a 50% rate. If this happens, major companies like Tesla may be more likely to start using the token.

The electric vehicle Tesla, owned by Elon Musk, spent $1.5 billion on bitcoin in 2021. As of the end of the third quarter of this year, the company reportedly still has 11,509 BTC in reserve. In addition to announcing the purchase, the company also stated that it would take Bitcoin as payment.

Tesla’s BTC Payment Pause and Musk’s Clean Energy Benchmark

Due to the significant energy consumption of the coin, the electric car producer quickly removed it as a payment option. He stated in a post from June 13, 2021, that Tesla will resume its Bitcoin payments after the coin reaches about 50% clean energy consumption.

Whether or not Elon Musk will follow through on his pledges is a big question mark that still needs answering.

Bitcoin Miners Ramp Up Renewable Energy Investments

Companies that mine Bitcoin, such as Riot Platforms and MARA Holdings, have increased their investments in renewable energy in recent years. Nevertheless, due to the ongoing worldwide energy crises, the mining costs have persisted in rising. Most miners are diversifying their capital by purchasing Bitcoin in order to beat the circumstance.

This action is being spearheaded by MARA Holdings and Riot Platforms. With its most recent acquisition of 667 BTC units, Riot Platforms' overall balance on its books currently stands at 17,429 BTC.

The method that has brought pioneers like MicroStrategy to the Nasdaq-100 index is to appropriately hedge their capital and profit from the coin's rise.