Anticipated Development in Bitcoin Happened: Now Looking Ahead to Elon Musk’s Potential Announcement

According to the latest data from Woocharts, the Bitcoin mining industry has made significant strides in sustainability and now derives 56.76% of its energy from clean or renewable sources. This shows a steady increase in sustainable energy adoption since April 2021.

Woocharts calculates this metric using the Cambridge Center for Alternative Finance's definition of sustainability and takes into account energy sources such as wind, solar, hydro, and nuclear power.

Exceeding 50% clean energy usage is a milestone. Tesla, which has 11,509 BTC as of the third quarter of 2024, first adopted Bitcoin as a payment method after purchasing $1.5 billion worth of the cryptocurrency in 2021. However, the company later suspended Bitcoin payments, citing concerns about the cryptocurrency’s high energy consumption.

Tesla CEO Elon Musk has stated that the company will reconsider Bitcoin payments if mining operations reach around 50% clean energy usage:

“Tesla only sold ~10% of assets to confirm that BTC can be easily liquidated without moving the market. Once the future positive trend of reasonable (~50%) clean energy usage by miners is confirmed, Tesla will continue to allow Bitcoin transactions.”

Now all eyes are on Elon Musk's announcement of whether his company will accept Bitcoin.

*This is not investment advice.