BTC Mining Data Puts Spotlight on Musk's 2021 Tweet

As per Woocharts, over 50% of Bitcoin's mining energy mix came from sustainable sources. Notably, Elon Musk, the CEO of Tesla, Inc. tweeted in 2021 that the Electronic Vehicle (EV)-maker would reconsider BTC payments on one condition.

Elon Musk, the CEO of Tesla, stated in 2021 that the company would begin accepting Bitcoin (BTC) again once there was confirmation that at least 50% of the cryptocurrency’s mining energy mix came from sustainable sources.

Now, as per Woocharts, over 50% of Bitcoin’s mining energy mix came from sustainable sources.

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

The Woocharts data, which is compiled by on-chain analyst Willy Woo and venture capitalist and author Daniel Batten, shows that Bitcoin mining is on a positive roll.

According to the data, 56.8% of the Bitcoin mining energy comes from renewable energy sources such as solar, hydropower and wind energy.

Over the past few years, several private mining companies have announced plans to use green sources. Some of these companies include Compass, Hut 8 Mining, Riot, among others.

As of writing, there has been no official announcement from Tesla or Musk about the car maker’s stand on BTC payments.

However, Woocharts data shows that renewable energy sources accounted for 50% of Bitcoin mining as early as July 2022.

A report by Reuters also highlighted the increasing use of sustainable energy sources in Bitcoin mining, with業者 announcing plans to use green sources.

Bitcoin mining has been criticized for its energy consumption, which some have linked to the human civilization’s carbon footprint.

Apart from his consideration of BTC for payments at Tesla, it is speculated that XRP could be used in similar ways. Moreover, X (formerly Twitter), another company owned by Musk, could consider payments in crypto.

Under the Trump administration, the blockchain industry is expected to thrive in the US in 2025 and Musk is pro-crypto. Additionally, Trump’s close association with Musk could suggest that crypto will enter the mainstream economy sooner than expected.

There are two reasons why Musk would allow Bitcoin or XRP payments at companies such as Tesla and X.

Firstly, Musk promised to do this if the future trend of BTC mining energy mix is greener. Woocharts data shows that the trend is positive, check. He also said the existing miners must use 50% sustainable sources. Woocharts data shows this is not only the case, but more than 56% of the miners’ sources are sustainable, check.

Secondly, if the Strategic Bitcoin Reserve plan materializes, it would signal clear political acceptance of crypto. If, simultaneously, Trump pursues his aim to mine the remaining BTCs in the US, Bitcoin could soon command a status equivalent to the greenback. Consequently, not just Musk, but several businesses and institutions would accept BTC payments.

An announcement that Tesla will/will not accept payments in bitcoin will confirm/deny the data on BTC mining.