Bitcoin has finally crossed Musk’s much-anticipated green threshold. Recent data from Bloomberg Intelligence suggests that about half of Bitcoin’s energy now comes from sustainable sources. 🚀
The energy consumption of Bitcoin has always been a contentious point. Detractors have been quick to point out its voracious appetite, likening its energy use to that of entire nations. They argue that the crypto’s reliance on fossil fuels, especially coal, is a ticking environmental time bomb.
Flashback to February 2021: $TSLA made waves by investing a staggering $1.5 billion in Bitcoin and endorsing it as a legit payment method. But, in a classic Musk twist, Tesla hit the brakes on Bitcoin payments just three months later, citing environmental concerns. However, Musk dangled a carrot, hinting that Tesla might reopen its doors to Bitcoin if miners could show they’re leaning into clean energy.
While it’s tricky to pin down the exact energy mix of Bitcoin, the latest analysis from Bloomberg Intelligence is clear: Bitcoin is greening up.
So, with the evidence stacking up in Bitcoin’s favor, the ball’s in Musk’s court. 💰