TL;DR
Bitcoin has copped numerous dangerous press over time for its wildly extreme power consumption.
However the Bitcoin neighborhood at all times insisted that they’d develop and undertake renewable power methods sooner than most different industries.
That narrative is now being confirmed true, with 53% of Bitcoin’s whole power use being renewable.
Full Story
March 2021: Tesla begins accepting Bitcoin, and over the next weeks, BTC pumps to ~$60k.
Could 2021: Tesla stops accepting Bitcoin, sighting environmental issues, saying they will think about accepting BTC once more, as soon as its powered by 50%+ renewable power.
The Bitcoin value is minimize in half (all the way down to ~$31k) over the next weeks.
September 2023: new modeling has discovered that sustainable power now accounts for 53% of Bitcoin’s whole power use!
Does this imply Tesla goes to instantly begin accepting Bitcoin funds once more? No thought!
The necessary half is that this:
Bitcoin has copped numerous dangerous press over time for its wildly extreme power consumption.
In response, the Bitcoin neighborhood at all times insisted that they’d develop and undertake renewable power methods sooner than most different industries, as there was a direct financial incentive to take action.
To which many pundits responded “pffft…we’ll imagine it once we see it.”
…effectively, now we’re seeing it!
The inexperienced narrative posed by the BTC neighborhood is being confirmed – and powerful narratives can transfer markets!
