Miners are forcing Tesla to resume selling cars for bitcoins

The volume of renewable - “green” electricity, which is used for mining the most capitalized cryptocurrency - Bitcoin, has reached 50%, which means it’s time for Elon Musk to resume Tesla sales for BTC

The electric car manufacturer, American businessman Elon Musk's Tesla company, began selling cars for bitcoins in March 2021. A month before the event, it became known about the organization’s investment of $1.5 billion in BTC. The electric car maker has since sold most of its bitcoins. Despite this, Tesla remained one of the largest BTC investors among public companies.

On May 12, 2021, Tesla stopped selling cars for bitcoins. The reason was the negative impact of BTC mining on the environment. A month later, Elon Musk named the condition under which Tesla will resume selling cars for bitcoins - the transition of 50% of miners to “green” sources of electricity.

“When there is evidence that miners are using 50% green electricity and the trend becomes positive, Tesla will resume selling cars for bitcoins,” Musk wrote on his microblog.

Condition for resuming the sale of Tesla for bitcoins Message from Elon Musk with the condition for resuming the sale of Tesla for bitcoins

Bloomberg analyst Jamie Coutts reported that the volume of renewable energy sources in the mining market has exceeded 50%.

"Green" electricity in Bitcoin mining The amount of "green" electricity that is used for Bitcoin mining (marked in gray)

According to Jamie Coutts, the mining market has “turned” towards increasing “green” energy amid the flight of miners from China due to regulatory bans faced by local miners in 2021. Many participants in the crypto community were forced to move from China and look for new sources of electricity to power their equipment. As a result, the carbon footprint left by miners has begun to decline.

“Since China's mining ban in mid-2021, when emissions peaked at 60.9 megatonnes of carbon dioxide equivalent (CO2e), emissions have fallen by 37.5%,” noted Jamie Coutts.

Amid the publication of fresh statistics about the sources of electricity that miners use in their work, the network was flooded with posts whose authors called on Elon Musk to answer for his words and resume accepting payments for Tesla in bitcoins.

The news that the miners complied with the businessman’s demand is important for the crypto community because the resumption of sales of electric cars for cryptocurrency can support market growth. One reason is that almost 40% of American investors rely on Elon Musk's tweets when making investment decisions. A businessman’s support for Bitcoin can attract investment to the crypto market.

Bitcoin's reaction to Tesla's decisions Bitcoin's reaction to Tesla's decisions. Chart: TradingView

As of the time of writing the review, the businessman had not responded in any way to the information that the miners had complied with his demand.