Elon Musk Wants “50% Clean Energy Bitcoin Mining”, How Do We Determine?

On Sunday, Tesla CEO Elon Musk tweeted that “when there is confirmation of reasonable (~50%) clean energy use by miners with a positive future trend, Tesla will allow Bitcoin transactions again.” Elon Musk and the Green Energy Debate Elon Musk and a host of other billionaires have a lot to say these days, and it looks like Musk can influence the price of Bitcoin with a single tweet. This was certainly the case when Tesla first accepted bitcoin (BTC) as payment for electric vehicle purchases. After this announcement, the price of BTC soared by $10,000 after seeing one of the biggest daily candles in its life. The price dropped significantly when Musk tweeted that bitcoin would not be accepted and Tesla voiced environmental concerns. Sunday's tweet boosted BTC prices by 9%, and the price surpassed the $40,000 psychological zone. This is wrong. Tesla only sold ~10% shares to confirm that BTC can easily be liquidated without moving the market. Tesla will continue to allow Bitcoin transactions when there is confirmation of reasonable (~50%) clean energy use by miners with a positive future trend. — Elon Musk (@elonmusk) June 13, 2021 Despite his good intentions, it's hard to predict how Musk will achieve his goal of determining whether the bitcoin mining ecosystem uses 50% clean energy. According to some studies, the goal may have already been achieved as researchers have been studying the number of miners using renewable energy for some time. Musk may want to review Coinshares' June 2019 analysis, which shows that renewable energy sources power 74.1 percent of the bitcoin mining industry. Also, Coinshares published a survey on the same topic a year ago, which found that miners dependent on renewable energy make up about 77.8% of all miners. No definitive data Global asset manager Ark Invest Management announced in mid-May that concerns about the power consumption of the Bitcoin network were "unfounded". Even John Lennon's son elaborates

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