TL; DR
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Bitcoin has received a lot of bad press over the years due to its wildly excessive energy consumption.
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But the Bitcoin community has always insisted that they would develop and adopt renewable energy strategies faster than most other industries.
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That story is now proven to be true: 53% of Bitcoin’s total energy consumption is renewable.
Full story
March 2021: Tesla starts accepting Bitcoin, and in the following weeks BTC rises to ~$60,000.
May 2021: Tesla stops accepting Bitcoin, sees environmental concerns and says they will consider accepting BTC again once it is powered by more than 50% renewable energy.
The Bitcoin price will be halved (to ~$31,000) in the coming weeks.
September 2023: New modeling has shown that renewable energy is now responsible for 53% of Bitcoin’s total energy consumption!
Does this mean Tesla will immediately start accepting Bitcoin payments again? No idea!
The most important part is this:
Bitcoin has received a lot of bad press over the years due to its wildly excessive energy consumption.
In response, the Bitcoin community has always pushed to develop and adopt renewable energy strategies faster than most other industries because there was a direct monetary incentive to do so.
To which many experts responded: “pffft…we’ll believe it when we see it.”
…well, now we see!
The BTC community’s green story is proven – and strong stories can move markets!
