By
Bena Ilyas
April 25th, 2024
If not for anything else, the latest report about clean energy usage could mean a greater move toward the adoption of BTC.
A Bloomberg analyst has just reported on the present situation with Bitcoin (BTC) miners as it concerns clean energy usage. In a recent thread on X (formerly Twitter), the analyst, Jamie Coutts said that the percentage of clean energy used for Bitcoin mining has gone past 50%. That is more than 50% of Bitcoin mining now comes from renewable sources.
According to Coutts, China’s mining ban of 2021 may have played a huge role in the industry’s push toward more sustainable energy sources. The analyst also noted that there are “falling emissions plus a dramatically rising hash rate.”
Without a doubt, this development has the potential to change the outlook of Bitcoin mining. Particularly in terms of its impact on the environment. However, there remains a major problem that has persisted with measuring clean energy usage in mining. That is the fact that nobody knows exactly how to let alone be certain about the precise location of miners globally.
Nonetheless, Coutts explained in the thread that falling emissions coincide with a rising hash rate, suggesting that Bitcoin mining is consuming more sustainable energy in its mix. He admitted that estimating energy is an imperfect science but says models suggest that sustainable energy sources now account for over 53% of Bitcoin mining’s energy mix.
What Clean Energy Usage Means for BTC Price
If not for anything else, the latest report about clean energy usage could mean a greater move toward the adoption of BTC. A major force that comes to mind in that regard is Tesla, one of the biggest companies in the world.
Tesla CEO Elon Musk is a man of great influence and a single tweet from him can move the price of BTC. At least, that was the case when Tesla first accepted BTC as payment for its electric cars in 2021.
As Coinspeaker reported then, BTC’s price jumped by nearly $10K seeing one of the largest daily candles in its lifetime. Again, when Musk tweeted that Tesla would stop accepting the coin because of environmental concerns, the price dropped significantly.
Since then, however, Musk promised that the auto company would resume accepting Bitcoin payments on the condition that miners’ clean energy usage exceeds 50%. So, with the latest reports of the mining industry making significant progress in the use of sustainable energy sources, good days may just be around the corner for BTC.