Cryptocurrency mining has made significant progress in the use of clean energy. According to Woocharts, the clean energy ratio used in mining the leading cryptocurrency has reached 56.76%. This rate reminds us of Elon Musk’s promise to accept Bitcoin payments again with Tesla.
Tesla and Bitcoin Payout Promise: Is a Turnaround Near?
In 2021 , Tesla started accepting payments with cryptocurrency and purchased $ 1.5 billion worth of BTC. However, the company soon stopped this payment method, citing Bitcoin’s high energy consumption. As we reported at Kriptokoin.com, Elon Musk had previously said the following:
If Bitcoin’s clean energy usage exceeds 50%, we will accept payments again.
Today, according to Woocharts data, the percentage of clean energy used in Bitcoin mining has increased to 56.76%. This percentage comes from sustainable energy sources such as wind, solar, hydro and nuclear. This development increases the possibility that Tesla will accept Bitcoin as a payment method again . However, the accuracy of the data will be an important factor in making this decision.
Cryptocurrency Miners Invest in Clean Energy
In recent years, mining companies like Riot Platforms and MARA Holdings have increased their investments in clean energy. However, global energy crises have increased mining costs. Many miners have invested their excess capital in purchasing Bitcoin to cover the rising costs.
For example, with the recent purchase of Riot Platforms, the total Bitcoin reserve reached 17,429 BTC . This strategy aims to benefit from the growth of cryptocurrencies while preserving their capital. This plan has also been adopted by pioneers such as MicroStrategy, which is included in the Nasdaq-100 index.
Short-Term Fluctuations and Long-Term Confidence in Bitcoin Price
Bitcoin price has recently struggled to break above the $100,000 resistance. Historical data shows that Bitcoin often experiences such corrections after strong increases. Famous analyst Ali Martinez said the following about the BTC price:
A 20% to 30% correction could be the most positive scenario for Bitcoin.
Martinez warned investors to watch the $92,730 level in particular. If it falls below that level, Bitcoin’s price could fall to $60,000. However, long-term indicators suggest that Bitcoin is still in a strong uptrend.
The Future of Bitcoin, the Leading Cryptocurrency: New Highs and Institutional Adoption
The year 2024 was marked by a market cap increase of over $1 trillion for Bitcoin. Pro-crypto policies following the US elections and a new halving cycle supported this rally. Institutions such as Standard Chartered predict that the Bitcoin price will reach $200,000 by the end of 2024.
Bitcoin is proving to have strong potential in both the short and long term, with advances in clean energy and increasing institutional adoption, and the levels investors should be watching closely will determine how quickly this potential is realized.
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