Will Tesla Accept Bitcoin After BMC’s Quarterly Report?

The Bitcoin mining industry’s sustainable electricity mix grows up to 56%

Bitcoin Mining Council’s (BMC) July data revealed an approximately 56% hike in sustainable energy consumption by the global Bitcoin mining industry, making it one of the most sustainable industries. 

Tesla’s May 2021 roll back from Bitcoin as an eco-conscious step might change with the latest BMC reports on bitcoin’s sustainability. Elon Musk could finally give up highly volatile meme coins and switch back to endorsing Bitcoin.

Musk had claimed at the time of Tesla’s rollback that the EV maker would reconsider accepting Bitcoin once data suggest a majority of its mining energy comes from renewable sources. He had also advocated for the BMC, so the ball is in his court now to double down on his early commitment.

Bitcoin Network Uses Most Renewable Energy

The results of the Q2 BMC survey collected 32% of global energy consumption information from the active bitcoin network. The survey saw a 67% sustainable power mix in global mining electricity usage, with an outcome of a 56% increase in sustainable energy consumption by bitcoin miners.

BMC first quarterly release has hit the bull’s eye by busting one of the biggest myths about bitcoin mining.

Michael Saylor, CEO MicroStrategy and core member of BMC forum.

“I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide critical information to the general public and policymakers, especially as it pertains to clarifying common misconceptions about the nature and scale of Bitcoin energy usage,” 

BMC’s recent update can be a game-changer amid China’s crypto crackdown, and a global decline in cryptocurrency mining hashpower.

Darin Feinstein, founder of Block & Core Scientific explained how China’s crackdown would work in favor of Bitcoin. He said,

“Despite China shutting down over 60 percent of the global Bitcoin network, the Bitcoin network experienced zero downtime, no bailouts, has registered no bankruptcies, and simply adapted by redeploying its infrastructure into regions that have greater freedoms. The network remains as strong as ever, it simply shrugs off adversity and moves forward.”