Bitcoin miners energy usage has exceeded 50%, where is Elon?

[PIMPdev]

Mr. Musk should stay away from Bitcoin as long as he does not understand it. Bitcoin is not a marketing tool for rich idiots.

I wonder why exactly do you think that he doesn't understand it. Just because he sold it last year? Also, we can't push others from using BTC just because we don't like someone.

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[Wiwo]

Mr. Musk should stay away from Bitcoin as long as he does not understand it. Bitcoin is not a marketing tool for rich idiots.

Well he hard his time in the past and that was when headed the announcement of his company's removal of Bitcoin as payment for tesla products,  but then also a short while from that time thenthing happened,  bitcoin price recovered significantly and when Elon musk sees that he can't manipulate Bitcoin to cash in on his gains.

He shifted attention to dogecoin we're he hard a bag load of the coin and went ahead to name himself dogecoin daddy,  but he couldn't achieve such freedom with Bitcoin and that is why he most time speaks ill of Bitcoin even without any knowledge of how bitcoin works.

[Bananington]

I don't see how Elon is responsible or inclusive in this issue of miners energy and the percentage exceeded. Sincerely, mining should be consiya skill and for some a job or should I say a source of income that is dependent on output.

Elon is merely interested in how to invest in building apartments on Mars at the moment and anything that offers no future value to him is worthless. BTC offers him value but he doesn't want to acknowledge that hence why he launched his Doge coin and perhaps stopped Tesla from accepting BTC as payments for transactions.

[serveria.com]

This is only according to an analyst from Bloomberg. However, if this is confirmed real information then the question from the community should be will cousin Elon support his statement and begin accepting bitcoin payments in Tesla again?

Tesla also should start buying again hehehe.



The Bitcoin network, with its continually increasing hash rate, has seen a corresponding decrease in its emissions intensity, according to recent reports from Bloomberg. Analyst Jamie Coutts explained that this trend is contrary to most other industries and could potentially trigger the next wave of institutional investment.

Data cited by Coutts on Monday revealed that the sustainable energy mix for Bitcoin has been steadily rising since 2021 and now exceeds 50%. This increase in sustainable energy use has resulted in a slower growth of emissions relative to the network's expansion. Coutts noted that the evolving relationship between Bitcoin network growth and the global push to transition from fossil fuels could "catalyze a wave of institutional and even sovereign investment capital."

Read in full https://finance.yahoo.com/news/bitcoins-sustainable-energy-mix-surpasses-060305672.html

Musk only does what is profitable for him. Even if he is buying do you really think he will announce it publicly? That could lead to a pump and he will be forced to buy at a higher price. So rest assured, most probably he will secretly buy and then announce he bought after some time. After the price will go up he will also secretly sell again and tweet something negative about Bitcoin. Been there done that.

[serjent05]

Mr. Musk should stay away from Bitcoin as long as he does not understand it. Bitcoin is not a marketing tool for rich idiots.

I believe he knows better than we do  .  I agree that it is not a marketing tool but Elon Musk just made Bitcoin his marketing tool and there are lots of naive people who fell for it.


Let us give Elon Musk some time to comprehend the current hash rate and realize his promise but I do think he will keep his promise though.  He is a businessman so I think he will only do things that will benefit his pocket and accepting Bitcoin will give his company a new set of audience.

[bbc.reporter]

Why would Elon even care?
I love how we have 100 topics about this but nobody actually reads the article, because the title is enough, right?

The Bitcoin network, with its continually increasing hash rate, has seen a corresponding decrease in its emissions intensity, according to recent reports from Bloomberg. Analyst Jamie Coutts explained that this trend is contrary to most other industries and could potentially trigger the next wave of institutional investment.

So it's an analyst expressing his opinion, there is no real data, just claims based on other people's claims!

Kind of ironic how everyone can get excited about this when just the other week we had this:
A crypto-mining company in Pennsylvania is seeking to burn tires to produce bitcoin, prompting an outcry from residents and environmental groups.

If the so-called Bitcoin mining council would really wanted to prove they used 50% renewable they would have done a simple thing, talk bout this this:
https://www.warren.senate.gov/imo/media/doc/Seven%20Cryptominers%20Responses%20to%20Senator%20Warren.pdf

Stronghold:

Through the first three quarters of 2021, Scrubgrass emitted 412,445 tons of CO2 and produced
243,068 MWh of power. The final 2021 numbers for Scrubgrass are not yet available. Panther Creek
emitted approximately 203,109 tons of CO2 in 2021 and produced 146,783 MWh of power in 2021. As
discussed above, we are actively pursuing a variety of mechanisms to mitigate our carbon emission output.
Our 2021 emissions data is still preliminary but our final figures will be reported in accordance with
regulatory requirements.

The cumulative estimated metric tons of CO2 produced by the Facilities to supply this power required for Bitcoin operations is 1,284,360.

Greenidge

In connection with Requests 1 and 2, the Dresden facility is permitted to emit up to
641,878 tons of CO2e on a rolling twelve-month basis.

The others didn't want to mention it are claimed they are just busing energy provided by the grid and!

So, in a letter addressed to a US Senator, not a single member showed any proof of mining directly with renewables, all the renewable energy comes from the grid, so it would be simply stupid at this point to call an industry greener than another when they are consuming the same thing.

Elon is stupid cunt but this greenwashing must also stop!

Hehehe do not be so serious and angry. No one is expecting cousin Elon to change his mind and immediately orders his executives in Tesla to begin accepting bitcoin as payments again. The reason is Elon knows no one would buy a Tesla or any car using their bitcoin unless it was a larpy publicity for bitcoin to hype their investment.

[Ale88]

This is only according to an analyst from Bloomberg. However, if this is confirmed real information then the question from the community should be will cousin Elon support his statement and begin accepting bitcoin payments in Tesla again?

Tesla also should start buying again hehehe.

Guys, seriously, why are you so obsessed with Elon Musk? The only thing he does is manipulating the market, we really don't need people like him in the bitcoin community. Of course it would be great to have some big retailer accepting bitcoin but if the price we have to pay is dealing with a crazy guy, no thanks, I prefer things to move slower.

[bbc.reporter]

@Ale88. Did much of the bitcoin community not cheer for cousin Elon when he declared that Tesla was buying bitcoin and also announced that it would accept bitcoin payments? What happened? Do we not like cousin Elon anymore?

Also, if acceptance of bitcoin will not help increase sales and revenues of any retailer then it would not be seriously accepted. It might be larply accepted, however.

[Zlantann]

I don't see how Elon is responsible or inclusive in this issue of miners energy and the percentage exceeded. Sincerely, mining should be consiya skill and for some a job or should I say a source of income that is dependent on output.

Elon Musk was used in this discussion because he promised that his firm would start accepting Bitcoin if mining becomes environmentally friendly. The OP quoted a research that has proved that miners are diversifying to more green energy making mining less harsh to the environment. So the discussion now is will Elon fulfill his word to start accepting Bitcoin?

Guys, seriously, why are you so obsessed with Elon Musk? The only thing he does is manipulating the market, we really don't need people like him in the bitcoin community. Of course it would be great to have some big retailer accepting bitcoin but if the price we have to pay is dealing with a crazy guy, no thanks, I prefer things to move slower.

Elon Muak is not a man that keeps his word,  I support that the community shouldn't take his word seriously. He publicly said he would never sell his coin but he did. He promised to step down as CEO of Twitter if a poll result suggested that but he failed to keep his word. Any investor who is focused on manipulating the market because of profit-making is not needed in the Bitcoin ecosystem.

[pooya87]

Musk never cared about bitcoin or its energy consumption or the environment for that matter. All he cared and still cares about is more power and more money. He started making positive statements about bitcoin because he thought he could influence the market and make a profit, and similarly he reversed his position and started spreading FUD because he again thought he could influence the market and make profit. Same as his involvement with shitcoins such as Dogecoin.

Besides, I don't even think people would even use the bitcoin payment option even if they wanted to buy Teslas
Bitcoin is much too valuable to exchange for a car. It's not like they are cheap either, you'd have to pay 2-5 bitcoins!

[Wind_FURY]

@Ale88. Did much of the bitcoin community not cheer for cousin Elon when he declared that Tesla was buying bitcoin and also announced that it would accept bitcoin payments? What happened? Do we not like cousin Elon anymore?

Also, if acceptance of bitcoin will not help increase sales and revenues of any retailer then it would not be seriously accepted. It might be larply accepted, however.

 

It's not 2012 anymore when people were so idealistic and never thought Bitcoin would hold actual value of more than $20,000 per coin. Why would any HODLer waste their Bitcoin on a car that would merely start to depreciate in value right after it goes out of the factory? Tesla might probably convince HODLers if the company gave a 50% discount for all car purchases through Bitcoin, but to offer the same deal as fiat, DEFINITELY NOT. My Bitcoins are more valuable than any car for sale.

[d5000]

I'd liked the article linked in the OP to be referenced with more data. However it mentions Daniel Batten, who conducted the Beest study from February which comes to similar conclusions (52%, considering renewable + nuclear) and is not based on Bitcoin Mining Council data but simply enriches the CCAF study with some independent research.

Generally however I don't think there's much to doubt about the general order of magnitude of the numbers. In the worst case we'd be talking about a few percentage points, but the 37% CCAF reported is very likely outdated.

Why would any HODLer waste their Bitcoin on a car that would merely start to depreciate in value right after it goes out of the factory?

HODLers can instantly re-buy the "wasted" Bitcoins. Or maybe they want to take some profits with less KYC hassle involved. They can re-buy partially then. In any case, they're strengthening Bitcoin's "use as a currency" ecosystem and make Bitcoin's value proposition stronger, which could benefit them in the long term.

Think about Laszlo in 2010. He "wasted" lots of BTC but strengthened the ecosystem, and I'm sure he got the 10.000 BTC back very fast (via mining, etc.).

[hd49728]

HODLers can instantly re-buy the "wasted" Bitcoins. Or maybe they want to take some profits with less KYC hassle involved. They can re-buy partially then. In any case, they're strengthening Bitcoin's "use as a currency" ecosystem and make Bitcoin's value proposition stronger, which could benefit them in the long term.

Think about Laszlo in 2010. He "wasted" lots of BTC but strengthened the ecosystem, and I'm sure he got the 10.000 BTC back very fast (via mining, etc.).

Nothing is wasted for nothing if Bitcoin network becomes bigger and stronger with time.

The Pizza of bitcoins trade of laszlo is only part of Bitcoin history but it is important to help Bitcoin gaining noise and attention in early years. It helpfully contributed to Bitcoin survival and with time, laszlo's trade and other traders, initiatives in community combined together to make Lindy effect bigger. The effect is know with gold and now we are witnesses for it with Bitcoin. The effect is mentioned in The bullish case for Bitcoin that should be one of bedside books for Bitcoiners.

[stompix]

Hehehe do not be so serious and angry.

Why not, my holiday is over, and I'm looking at 8-hour flight back home in the evening so I have all the rights to be so, right?

The thing is I don't like disinformation.
I don't care if it's from the guys I like I hate it, if somebody can't find real arguments and data and has to resort to this kind of bs, then sorry, call me a hater but I won't applaud knowing I'm a lied in my face and shut up just because it's good for the price of my investment.
When I know Mara is managing 2cents/kwh because it has bought an entire coal plant, when Riot is buying half of the entire generation from a gas powerplant, when Stronghold is burning coal residue and tyers at its newly acquired powerplant while no f*** large farm is running entirely on solar or wind then don't come with this kind of greenwashing at me.

This is the same bs as Google being carbon neutral because...it pays for carbon credits. Lol!

The reason is Elon knows no one would buy a Tesla or any car using their bitcoin

Why not?

[Lucius]

This forum is becoming some kind of fun club of Mr. Mars, and it seems to me that some people have his picture above their bed and pray to him every night to post some tweet and say that he loves Bitcoin again. It all looks so pathetic that one wonders if we have sunk so low that we are calling on various rich people to save Bitcoin because without them it will die 499 times in the last 14 years.

Will people ever understand that there was never even a question about where the energy comes from, that is, how green or dirty it is - and even if we could prove without any doubt that Bitcoin uses 100% energy from renewable sources, that would not change anything in the minds of those who have some completely different goals and don't care at all about something like Bitcoin.

[Wind_FURY]

Why would any HODLer waste their Bitcoin on a car that would merely start to depreciate in value right after it goes out of the factory?

HODLers can instantly re-buy the "wasted" Bitcoins. Or maybe they want to take some profits with less KYC hassle involved. They can re-buy partially then. In any case, they're strengthening Bitcoin's "use as a currency" ecosystem and make Bitcoin's value proposition stronger, which could benefit them in the long term.

Think about Laszlo in 2010. He "wasted" lots of BTC but strengthened the ecosystem, and I'm sure he got the 10.000 BTC back very fast (via mining, etc.).

But that would be inefficient. Why re-buy the "wasted Bitcoins"? Why not merely use the fiat to directly buy the car instead of using your Bitcoin, then replacing the Bitcoin? That's why it doesn't make sense that users do "Fiat -> Bitcoin -> Purchase" unless you absolutely have no choice but to use Bitcoin, or if you truly earned the Bitcoin you spend, like Laszlo.

[Rikafip]

Besides, I don't even think people would even use the bitcoin payment option even if they wanted to buy Teslas

People are spending their bitcoins on all kinds of stupid things (e.g. ordinals) so make no mistake, there would be those interested in spending some on Tesla too. Hell, when I imagine an average crypto millionaire, I have a picture of a douchebag driving Tesla in my head.

Bitcoin is much too valuable to exchange for a car.

This summer I financed a long and very active vacation that lasted a month strictly via bitcoin. So yeah, people are willing to spend bitcoin on all sorts of things.

This forum is becoming some kind of fun club of Mr. Mars, and it seems to me that some people have his picture above their bed and pray to him every night to post some tweet and say that he loves Bitcoin again. It all looks so pathetic that one wonders if we have sunk so low that we are calling on various rich people to save Bitcoin because without them it will die 499 times in the last 14 years.

I might missunderstood OP, but I think this topic is more about calling out (and making fun of) Elon than begging him to accept bitcoin as he promised.

[kryptqnick]

I think Musk is likely to question the data and ask for a thorough review or something before jumping into Bitcoin again. To be fair, while I want to believe more than 50% of mining is eco-friendly, I'm not sure if I do. It's great if this is the tendency, but t's unclear from the article what sort of data was cited, where it came from, how accurate it might be etc.
In any case, I think Musk has lost much of its influence after all the atrocities he did to Twitter, so I don't think his opinion would have as big an impact on the price as it used to.

[flyingcarpet]

I think Musk is likely to question the data and ask for a thorough review or something before jumping into Bitcoin again. To be fair, while I want to believe more than 50% of mining is eco-friendly, I'm not sure if I do. It's great if this is the tendency, but t's unclear from the article what sort of data was cited, where it came from, how accurate it might be etc.
In any case, I think Musk has lost much of its influence after all the atrocities he did to Twitter, so I don't think his opinion would have as big an impact on the price as it used to.

As you said, Elon will probably ask for a lot of data and have it checked. There are some names or institutions that will ensure movement in times when the market is so stagnant. I think Elon is one of these names. That's why such names are always needed in the crypto market.

Elon will not have as big an impact on crypto as before, but I still believe he will be an important figure for crypto.

[d5000]

But that would be inefficient. Why re-buy the "wasted Bitcoins"? Why not merely use the fiat to directly buy the car instead of using your Bitcoin, then replacing the Bitcoin? That's why it doesn't make sense that users do "Fiat -> Bitcoin -> Purchase" unless you absolutely have no choice but to use Bitcoin, or if you truly earned the Bitcoin you spend, like Laszlo.

Of course the ideal situation is when you also earn Bitcoins, e.g. if your salary is partly paid in BTC, and/or if you are a service provider accepting BTC. Then the "Bitcoin circulation" aspect would come naturally: You could spend a part of the Bitcoins in things like a Tesla car, and you'll get them back (albeit getting back what you paid for a car it may be quite slow, but Tesla cars aren't directed at the lower middle class). I'm aware that this isn't the norm today.

Another case: Particularly in market situations when you have already made some profit with your BTC, it makes sense to spend part of them if you can satisfy a necessity, like a car. I think particularly producers of high-priced goods like cars can direct their efforts to that public: early adopters or those who are "in" at least since the bottom of the last bear market. You'll not always have (in addition to the BTC) the fiat to spend it on such a good, and in this case it may make sense to simply spend the BTC, and if you like to buy back some BTC, then you can do it.

I don't think "changing between payment methods" is that much of a hassle. People do it all the time, transferring between different bank accounts, using ATMs, etc, so re-buying BTC if you have a good exchange partner isn't much of a problem. And again: if you're a Bitcoin bull, strengthening the currency ecosystem is adding value to BTC, so why not simply do it? You can even get social prestige (e.g. posting your Tesla you bought directly with BTC on Twitter, pardon X).

And there is another aspect: Buying BTC has become increasily easier than selling them, due to AML/KYC regulations (proof of source for BTC you received, etc.). So if you have some BTC from old investments in ICOs or altcoin trading for example, which are difficult to track because the exchanges where you traded don't exist anymore, then a purchase of a good may be a good way to spend them. That may be not the case with cars as car sales are regulated in many countries, but with other goods it isn't a bad idea. The re-bought BTC instead can be tracked well and it will be much easier to provide a proof of source for them.