June 14 (Renewables Now) – US electric vehicles (EVs) maker Tesla Inc ((NASDAQ:(TSLA))) will resume accepting purchases with Bitcoin when it is confirmed that miners use a “reasonable” amount of clean energy for their operations.
This was said on Sunday in a tweet by Elon Musk: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”
Musk’s tweet was in response to a Fintech Zoom article in which the founder of Sygnia Ltd (JSE:SYG), namely Magda Wierzycka, accused him of “Bitcoin pump and dump” and noted that his social media activity on the matter should have led to an investigation by the US Securities and Exchange Commission (SEC).
The tweet had an immediate positive effect on crypto prices.
Since Musk announced Tesla’s suspension of Bitcoin transactions, a number of renewable energy-based crypto mining projects emerged, including Square Inc’s (NYSE:SQ) plan to invest USD 5 million (EUR 4.1m) in a new solar-powered mine at one of the US mining sites of Bitcoin infrastructure startup Blockstream.
Right after Musk’s initial tweet in May, UK-based cryptocurrency miner Argo Blockchain Plc (LON:ARB) and vertically-integrated blockchain and cryptocurrency technology firm DMG Blockchain Solutions Inc (CVE:DMGI) announced they had partnered with the Crypto Climate Accord (CCA) to promote the decarbonisation of the sector.
Earlier in June, Sangha Systems, the developer of an 82-MW cryptocurrency mining facility in Illinois, said it was taking the first steps to migrate its electricity consumption towards renewable energy as it announced a letter of intent (LoI) with AEP OnSite Partners to develop a fully behind-the-meter solar power array with a capacity of between 2 MW and 5 MW.
Moreover, sector players BIT5IVE LLC and GMine LLC said last week they intend to use more than 1 GW of electricity from renewable power plants in Texas for their new crypto data centres there. The duo will build the facilities through their joint venture (JV) Manhattan Solar Partners LLC.
(USD 1.0 = EUR 0.825)