TL;DR
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Bitcoin has copped a lot of bad press over the years for its wildly excessive energy consumption.
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But the Bitcoin community always insisted that they would develop and adopt renewable energy strategies faster than most other industries.
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That narrative is now being proven true, with 53% of Bitcoin’s total energy use being renewable.
Full Story
March 2021: Tesla starts accepting Bitcoin, and over the following weeks, BTC pumps to ~$60k.
May 2021: Tesla stops accepting Bitcoin, sighting environmental concerns, saying they’ll consider accepting BTC again, once its powered by 50%+ renewable energy.
The Bitcoin price is cut in half (down to ~$31k) over the following weeks.
September 2023: new modeling has found that sustainable energy now accounts for 53% of Bitcoin’s total energy use!
Does this mean Tesla is going to immediately start accepting Bitcoin payments again? No idea!
The important part is this:
Bitcoin has copped a lot of bad press over the years for its wildly excessive energy consumption.
In response, the Bitcoin community always insisted that they would develop and adopt renewable energy strategies faster than most other industries, as there was a direct monetary incentive to do so.
To which many pundits responded “pffft…we’ll believe it when we see it.”
…well, now we’re seeing it!
The green narrative posed by the BTC community is being proven – and strong narratives can move markets!
