The Bitcoin mining ecosystem is evolving at a very fast pace with visible progress in its utilization of clean energy. According to data insights from Woocharts, the percentage of clean or sustainable energy used in mining is now pegged at 56.76%. This reading has triggered a recall of an earlier promise from Elon Musk regarding Tesla Inc’s disposition to Bitcoin payments.
According to the Woochart, the BTC clean energy usage has grown steadily since at least April 2021. The platform measures this clean energy usage using the Cambridge Center for Alternative Finance definition of sustainability in its computations.
The metric plotted hinges on the percentage of crypto mining sourced from energy sources like Wind, Solar, Hydro and even Nuclear. That this sustainable mining operation is above 50% means a lot for the industry. It might help usher in the adoption of the coin by top corporations like Tesla.
Recall that in 2021, Elon Musk’s Tesla bought $1.5 billion worth of BTC. Per recent report, the firm still have 11,509 BTC in its reserve as of the third quarter of this year. At the time it made the purchase, the firm also announced the acceptance of Bitcoin as a payment method.
The electric car maker shortly discontinued the payment option, citing the high energy usage of the coin. In a June 13, 2021 post, he said if the coin achieves approximately a 50% clean energy usage, Tesla will resume its Bitcoin payments.
Bitcoin mining clean energy usage has now hit 56%
Remember when Elon said this regarding Tesla BTC payments in 2021?
— Milk Road (@MilkRoadDaily) December 28, 2024
One major hurdle now remain whether the data source is enough to make Elon Musk make good on his promises.
Over the past years, firms like Riot Platforms, MARA Holdings and other Bitcoin mining have intensified investments in clean energy. However, the costs of mining has continued to grow amid current global energy crises. To beat the situation, most of these miners are diversifying their excess capital to buy Bitcoin.
MARA Holdings and Riot Platforms are championing this move. Following its latest purchase of 667 BTC units, Riot Platforms now hold a total balance to 17,429 BTC on its balance sheet.
The plan is to properly hedge their capital and benefit from the coin’s growth, a strategy that has led to the inclusion of pioneers like MicroStrategy in Nasdaq-100 index.
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