Will Tesla Resume Bitcoin Transactions After This Mining Development?

Sahana Kiran
Source – Unsplash

The Bitcoin [BTC] mining industry has been quite controversial. The amount of energy required to mine Bitcoin is a concerning matter. However, with time, miners began finding sustainable methods to mine digital assets. Now, BTCmining has shown signs as one of the most sustainable industries across the globe.

The Q4 2022 report shared by the Bitcoin Mining Council [BMC] highlights how Bitcoin’s sustainable electricity mix has improved. It should be noted that BMC represents 48.4% of the global BTC mining network. According to the council, the global Bitcoin mining industry’s sustainable electricity mix rose to 58.9%. This comes in coordination with the hash rate that noted a 45% increase YoY in Q4 2022.

Additionally, Michael Saylor took to Twitter to note how BTC’s technological efficiency improved by 16%. He tweeted,

While this increase is good for the industry as well as the environment, there could be another upside as well.

Is Tesla keeping tabs on Bitcoin’s sustainability?

The cryptocurrency industry has made a plethora of collaborations across several sectors. The increased interest from prominent firms has boosted the adoption of Bitcoin and its counterparts. Elon Musk’s Tesla created quite the buzz by accepting BTC for payments back in February 2021. However, this did not last too long. Just a couple of months later, the organization dropped support. But now, the chances of Tesla bringing back Bitcoin were heightened.

Back in May 2021, Elon Musk ousted BTC from Tesla citing environmental concerns. Following this, the firm went on to sell a significant amount of its BTC holdings. While addressing its liquidation, Musk tweeted,

Now, that BTC mining has a 58.9% sustainable mix, Tesla was urged to bring the king coin back into its platform. Earlier this week Bitcoin managed to surpass Tesla in terms of market cap.

With Musk’s big Twitter takeover, even Dogecoin [DOGE] had taken a backseat. Therefore, it could be quite some time before Musk resumes Bitcoin payments.