According to an analyst, more than half of the energy used for mining Bitcoin now comes from environmentally friendly sources. This shift has happened partly because many Bitcoin miners moved away from China after the country banned their operations.
On September 14th, in a discussion on the social media platform X, Jamie Coutts shared some information. He mentioned that more than half of the energy used for mining Bitcoin (BTC) now comes from renewable sources.
This shift has been accompanied by a decrease in emissions and a significant increase in the computing power used for Bitcoin mining, which shows that Bitcoin has increasingly used renewable sources for mining.
This shift towards cleaner energy is attributed to two key factors: first, many miners relocated from China after the country banned mining activities in 2021, and second, certain countries have started mining Bitcoin as a way to make use of their surplus and unused energy resources.
In 2021, Elon Musk stated that Tesla would consider accepting Bitcoin as a form of payment when a significant portion of Bitcoin mining operations started using around 50% renewable energy sources and showed a clear positive direction toward further sustainability. It seems that this milestone may have been reached recently.
Several countries, such as El Salvador, Bhutan, Oman, and the United Arab Emirates, have started to invest in Bitcoin mining. Notably, El Salvador has even officially accepted Bitcoin as a legitimate form of currency since 2021.
However, after a few months, Elon Musk stated that Tesla would stop accepting BTC payments in May 2021, quoting the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions” at the time.
The CEO of Tesla has not yet made a public announcement about restarting Bitcoin payments. As of now, the price of Bitcoin is $26,572, and it has gone up by more than 2% in the past week.