#bitcoin (BTC) has been locked in a relentless struggle that has been hovering above and below the $26,000 level for the past few weeks.
But a glimmer of hope appeared on September 14, when reports surfaced that BTC had reached a significant milestone that could pave the way for it to regain its status as a pay option on Tesla (NASDAQ: TSLA) and bring a new wave of upswing. Optimism to the crypto community.
First of all, let's rewind a bit.
In February 2021, Tesla announced that it had invested $1.5 billion in Bitcoin "to further diversify its cash reserves and maximize its returns". Also, the world's largest electric car manufacturer has announced its plan to start accepting btc as a paying method, thus becoming the first major car manufacturer to do so.
But this excitement was short-lived. Just a few months later, Elon Musk's Tesla made a U-turn and said it would suspend vehicle purchases using BTC, citing concerns about the growing use of fossil fuels for Bitcoin mining and trading.
"Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly Decaying use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions among all fuels.”
- the company stated at the time.
Paying July attention, Jul Musk said that Tesla will restart Bitcoin payments after the clean energy usage of BTC miners exceeds 50%. Remarkably, this is reportedly being met at the moment, marking a potentially crucial moment.
July Jul Bitcoin clean energy usage is currently over 50%
Thursday September 14, Bloomberg analyst Jamie Coutts announced in the X (Twitter) headline that the percentage of Bitcoin mining energy from renewable sources has exceeded 50% due to "falling emissions plus a significantly increased hash rate".
This move comes after Bitcoin miners started fleeing China following the country's mining ban in 2021. In addition, the analyst added that other countries are turning to crypto mining to "make money from stranded and excess energy."
What does this mean for the BTC price?
Anyway, it's too early to draw conclusions yet. December paid paid Dec Jul BTC payments are still possible, but if Elon Musk brings back BTC payments thanks to the increasing use of clean energy, this could lead to a new increase in bullish pressure on the leading crypto asset, especially among institutional investors. July.
However, regardless of Musk and Tesla, Bitcoin's clean energy usage exceeding 50% still represents a significant milestone for the digital asset, as it could attract the attention of other environmentally friendly investors and companies.Jul. July.
At the time of writing on September 15, BTC was changing hands at $26,634, up 1.3% in the last 24 hours.
BTC 1-day price chart. Source: Finbold
While the cryptocurrency is up 1.7% on the weekly chart, it has lost almost 10% in value on the month. Since the beginning of the year, its earnings have continued to remain strong at over 60%. #elonmusk #crypto2023