A Q2 (Quarter 2) briefing from the BMC (Bitcoin Mining Council) has found that 56.0% of the energy used for BTC globally comes from sustainable energy, indicating that Telsa will soon reintroduce Bitcoin (BTC) as a viable payment method to purchase their products.
BTC Payments For Telsa
Telsa first accepted BTC payments after much hype on the 24th of March, 2021, announced simply by Elon Musk on his Twitter account: 'You can now buy a Tesla with Bitcoin.' He also mentions that the payments were naturally done through BTC, with no third-party support or any hindrance to the transactions, with the BTC paid to Telsa remaining as BTC, not converted into a fiat currency (e.g. US dollar). In short, Telsa was accepting BTC transactions as they should be: decentralised and uncontrolled. The tweet is shown below and can be visited here:
.https://twitter.com/elonmusk/status/1374617643446063105
- elonmusk
However, months later on the 13th of May, Elon Musk tweeted that Telsa will suspend vehicle purchases via BTC on concerns of the increased use of fossil fuels for BTC mining, thus transactions, claimed to be mainly fuelled by coal that is 'the worst emissions of any fuel.' The BTC held by Telsa remains held by the company, none promised to be sold. Elon Musk vows that 'we intend to use it [BTC] as soon as mining transitions to more sustainable energy,' and according to the BMC is being the case. The tweet is snapshotted below and can be visited here:
.https://twitter.com/elonmusk/status/1392602041025843203
- elonmusk
Elon Musk also mentions mining energy for BTC transactions with Telsa in response to a tweet a month later. On the 13th of June, 2021, CoinTelegraph announced an article that quotes Polish-South African businesswoman Magda Wierzycka, CEO of Sygnia (financial services company), who claims that 'What we have seen with Bitcoin is price manipulation by one very powerful and influential individual,' most likely referring to Elon Musk notorious for such action. Elon Musk steps up to the tweet, claiming it straight out to be 'inaccurate' with Telsa only selling about 10% of its BTC holdings to test the integrity of the BTC market. He also mentions the following:
When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions.
The tweet is shown below and can be visited here:
.https://twitter.com/elonmusk/status/1404132183254523905?ref_src=twsrc%5Etfw
- elonmusk
This also fits the briefing that BMC makes that will be detailed in the following section.
BMC Q2 BTC Mining Briefing
Before detailing into the briefing, it is first required that it is known who the BMC is. As the acronym suggests, the BMC is an organisation that focuses on BTC mining, though does not mention its purpose and structure that is important to known. The BMC provides an insightful statement of who they are on the Q2 briefing web page, going as follows:
The "Bitcoin Mining Council" is a voluntary and open forum of Bitcoin miners committed to the network and its core principles.
Also, the information presented is captured from the presentation slides accompanying the briefing, not taking into account what was mentioned throughout the event, though is believed to still retain reliability and validity in describing aspects of BTC mining in this Q2.
As mentioned earlier, the amount of energy found sustainable for global BTC mining from the BMC briefing is 56.0%, BMC member data being higher at 67.6% that come from BMC advisory council miners. Looking at the bar graph presented, this is much higher than any other country, even beating the EU (European Union) that contains many countries popular in its fight for sustainable energy, including France and Sweden. Such data and presentation appear to fit Elon Musk's conditions with what looks like a positive incline, and so brings out the indication of Telsa soon to let BTC back into its arsenal of payments.
The promising trends of increased efficiency and sustainability and also presented in another slide of the BMC briefing slideshow. All features of BTC mining appears to have gotten better from the slide. From Q1 (Quarter 1) to Q2, fleet electricity has gone down by 52.6%, hashrate down by 45.6%, network efficiency up by 15.0%, and sustainable electricity by 52.2%. Such impressive data provides a strong base for arguing Telsa's reestablishment of BTC as a payment option and is believed to become so soon from such information.
The executive summary of the BMC slideshow concisely summarises the information given above, going as follows:
Bitcoin mining uses a negligible amount of energy, is rapidly becoming more efficient, and is powered by a higher mix of sustainable energy than any major country or industry.
Further Reading
Bitcoin Mining Council - GLOBAL BITCOIN MINING DATA REVIEW Q2 2021 Slideshow - https://www.hope.com/content/dam/hope-assets/collateral/BMC-Q2-2021-materials.pdf
CoinGape - Will Tesla Accept Bitcoin After BMC’s Quarterly Report? - https://coingape.com/will-tesla-accept-bitcoin-after-bmcs-quarterly-report/
Bitcoin Mining Council - Bitcoin Mining Council Q2 2021 Briefing - https://www.hope.com/en/content/bmc-q2-2021-briefing