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Bitcoin and Tesla payments: The Energy Connection

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by Giorgi Kostiuk

a year ago

Bitcoin mining now confirms using 54% renewable energy, which might be sufficient for Tesla to consider reinstating Bitcoin payments.

Elon's ultimatum and Bitcoin's energy issues

In May 2021, Elon Musk halted Bitcoin payments for Tesla due to environmental concerns. He expressed worry over the increasing use of fossil fuels, especially coal, in Bitcoin mining.

The new energy mix of Bitcoin

Renewable energy now accounts for 54% of Bitcoin mining energy, with major shifts to locations like Quebec and Iceland for cleaner and cheaper power sources. Coal, however, remains at 22%.

Will Tesla bring back Bitcoin payments?

With the renewable energy condition met, Tesla might consider resuming Bitcoin payments. Still, other factors such as political dynamics might play a role in the decision.

While Elon's renewable energy criteria have been met, further influences, including political ones, might affect Tesla's decision on Bitcoin payments.

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