According to statements made by Tesla’s CEO, Bitcoin may have hit 50 percent in its consumption of renewable energy or even beyond the number. Musk believes that the crypto industry is gradually nearing a greener future, which will push it higher. He still insisted that Tesla won’t accept Bitcoin Payment yet.
He spoke at the Virtual Bank BTC event, Musk made this statement tagged “the B-Word” with Jack Dorsey the CEO of Twitter. Cathie Woods of Ark Invest and Square Crypto Steve Lee were moderators at the event. Musk made it clear that Bitcoin Miners seems to be expanding their energy consumption towards renewable sources. He, however, noted that the speed at which the sector is shifting towards renewable energy is questionable.
According to Musk, it is not easy to increase energy quickly with these renewable sources. Tesla has made it a priority to increase sustainable energy, and as a result, they must do due diligence on Bitcoins energy Consumption. Musk has observed that Bitcoin is becoming greener and as a result, Miners are shutting down many of their heavy-duty coal plants in China and other places.
But even at that, he insisted that he appraise this trend to ascertain if the consumption is 50 percent or more. If he confirms it to be true, Tesla may start accepting Bitcoin Payment again. Back in May Tesla stopped accepting Bitcoin as payment and the reason cited had to do with excessive use of fossils. After the announcement Bitcoin’s price plummeted below $40,000. After a short while, Musk Announced that Tesla would resume BTC Payments. When miners start using 50 percent renewable energy for their operations.