With green Bitcoin mining now revealed to be at 56%, the question on everyone’s lips, especially for Bitcoin enthusiasts is, ‘Will Elon Musk’s Tesla resume Bitcoin payments? Michael Saylor, head of the recently constituted Bitcoin Mining Council made the announcement after a survey was conducted among industry participants. The Bitcoin Mining Council was set up in May to address mining and sustainability concerns.
Earlier this year, Tesla announced that it would begin receiving crypto (BTC) as payments for its renowned electric cars. The announcement was greeted with positive reactions with many speculating a massive price increase on the asset. Before then, Tesla had acquired Bitcoin amounting to $1 billion.
Tesla Suspends Bitcoin Payments in May
While many were anticipating more adoption in the mainstream sector, Tesla dropped the bombshell, suspending Bitcoin payments in May due to environmental pollution. Elon Musk had made a tweet reporting the announcement. As expected, the negative reactions that greeted the development were as wild as the positive ones that met the first one. A handful of crypto enthusiasts accused Elon of trying to manipulate the market for selfish gains. The effect of the suspension was similar to the initial, only that it was in the opposite direction.
Shortly after, Elon Musk tweeted Tesla would lift the suspension to resume crypto remittance so far as 50% of Bitcoin mining became ‘green.’ Most Bitcoin proponents thought it was one of those manipulative antics he is notorious for.
Following the 56% green mining announcement, the expectations are high even as the market is preparing to rally back to and beyond the position before the May crash. Perhaps it is expected that a reinstatement would hasten the much anticipated bull season. Benjamin Cowen, founder of BC Analytics company is one of those who is looking forward to the BTC reinstatement. In a tweet earlier today while citing Michael Saylor’s tweet announcing the update, he said he wonders if Tesla or Elon would stay true to its words.
Elon Musk Ridiculed for Critical Mining Comments
In a related development, Elon Musk was dared to utter his previous critical comments on Bitcoin mining after it was reported that a fire incident occurred at the Gulf of Mexico. Some Bitcoin enthusiasts insisted that Bitcoin does not cause any damage to the environment contrary to Elon’s claim. The controversy surrounding environmental hazards from mining informed China’s ban which saw miners cease mining operations. The grouse against mining is in view of its carbon footprint, which the Asian country plans to eliminate by 2060 with its ‘Green Policy.’
Elon Musk’s influence on the crypto market has been immense since the past few months. His influence has earned him criticism and praise in different scenarios. As the global crypto community waits for a tweet from him in response to the calls to do as he promised, this signifies an acknowledgement of the influence he wields. Meanwhile, in what seemed like an end to his control, he failed to cause a spike in price of his favorite meme-based token, Dogecoin. Whether or not Elon Musk will put his money where his mouth is, none can tell.
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