Bitcoin mining has been the talk of the recent crypto crash, and if you want to know the facts, then a precursor to speed it up too. In May, Elon Musk took to Twitter about the atrocities bitcoin mining is committing to the environment and how things could be refined if the mining was to use green energy.
Along with China’s strong crackdown against bitcoin and other crypto mining, this single tweet did send the crypto market crashing and unfolding at its center. It was a mess, and it couldn’t be controlled or put to an end, the ramifications of which can still be witnessed as bitcoin and several other cryptocurrencies have fallen from their all-time highs and still couldn’t rebound even closer to that range. Long story short, the crypto market is a little more stable than it was after the market crash. Musk even came forward with a tweet of his assuring the masses that Tesla will reinstate bitcoin as a payment option once again if half of the mining community starts using green energy.
Bitcoin Mining Council’s Report Tells another Story
This is the very thing that happens to be in effect with the miners these days, as the bitcoin mining council recently have a presentation in which the about 56% of the bitcoin mining taking place these days is sustainable, which simply means it is using green energy.
But there is a catch in here as the number presented here is not verified or perceived correct by any other accrediting body except the bitcoin mining council in any shape or form, so in other words, it is the council’s word against any other’s. This kind of scheme is not acceptable as one requires solid proof to base the merits of bitcoin mining taking a rapid shift towards the adoption of green energy. More intensive research needs to be put into action if the actual numbers are to be obtained, which will clear once and for all the current use of sustainable energy sources that go into bitcoin mining.