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IPFS News Link • Bitcoin

Elon Musk's '50% Clean Energy' Bitcoin Mining Goal Will Be Complicated To Verify

•, by Jamie Redman

However, there's a big problem with this goal, as nobody knows exactly how to measure 50% clean energy usage let alone precisely where miners are geographically located.

Can Elon Musk's 50% Clean Energy Goal Be Met?
Elon Musk and a number of billionaires have a lot to say these days and it seems Musk can move the price of BTC with a single tweet. It surely was the case when Tesla first accepted bitcoin (BTC) for electric car purchases at Tesla.

After that announcement, BTC's price jumped by $10K seeing one of the largest daily candles in its lifetime. Then when Musk tweeted that bitcoin wouldn't be accepted and Tesla cited environmental concerns, the price dropped significantly. Sunday's tweet boosted BTC prices by 9% and the price has inched past the psychological $40K region.

Despite the good intentions, it's hard to say how Musk will accomplish his goal of figuring out whether or not the bitcoin mining ecosystem is using 50% clean energy. Some studies indicate the goal could be already met as researchers have been looking into the number of miners who leverage renewables for quite some time now.