Tesla proposed to resume accepting Bitcoin payments — condition met

As a result of the latest restrictive measures by Chinese authorities against mining, more than half of Bitcoin’s hashrate is generated from renewable energy, according to Jiang Zhuoer, founder and CEO of BTC.TOP pool.

Now all the mining facilities in Xinjiang, Inner Mongolia and Qinghai provinces have been shut down, only hydropower mining farms in Sichuan are left. Currently the clean energy usage by #Bitcoin miners ⛏️already exceeds 50%. 😁 https://t.co/3jeFSXxy0R

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) June 16, 2021

In response to the statement by Tesla CEO Elon Musk that the company would resume cryptocurrency operations once it received confirmation that miners’ consumption has reached 50% clean energy, Zhuoer wrote:

«All mining facilities in the provinces Xinjiang, Inner Mongolia and Qinghai are shut down, leaving only hydropower mining farms in Sichuan. Currently, clean-energy usage for Bitcoin mining already exceeds 50%».

Tesla stated that it paused accepting Bitcoin as payment for cars in May, explaining this was due to concerns about the environmental impact of mining the asset.

«We are concerned about the rapid increase in the use of fossil fuels for Bitcoin mining and transactions, particularly coal, which has the worst emissions among all fuels», the statement said.

Later that month Musk met with representatives of North American mining companies to discuss prospects for using “green energy” in the industry. The meeting was organised by MicroStrategy CEO Michael Saylor.

Subsequently, the participants formed the Bitcoin Mining Council (BMC) to implement measures to reduce the industry’s greenhouse gas emissions.

Earlier reports indicated that miners in Sichuan were given a deadline to improve operations in the region by September.

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