1. Here’s how Tesla could wake Bitcoin’s sleeping bulls
Bitcoin (BTC) has been locked in a relentless struggle, teetering above and below the $26,000 mark over the past few weeks.
Yet, a glimmer of hope emerged on September 14 when reports broke out that BTC achieved a significant milestone, which could pave the way for the cryptocurrency to regain its status as a payment option at Tesla (NASDAQ: TSLA), bringing a fresh wave of optimism to the crypto community.
First, let’s rewind a bit. In February 2021, Tesla disclosed a $1.5 billion investment in Bitcoin “to further diversify and maximize returns on” its cash reserves. In addition, the world’s biggest electric carmaker announced its plan to begin accepting BTC as a payment method, making it the first major auto manufacturer to do so.
However, the hype was short-lived. Just a few months later, Elon Musk’s Tesla made a U-turn and said it would suspend vehicle purchases using BTC, citing worries over the rising use of fossil fuels for Bitcoin mining and trading.
Notably, Musk then said that Tesla would restart Bitcoin payments after BTC miners’ clean energy use outstrips 50%. Remarkably, this condition has now been reportedly met, potentially marking a pivotal moment.
Bitcoin clean energy usage is now over 50%
On Thursday, September 14, Bloomberg analyst Jamie Coutts revealed in an X (Twitter) thread that the percentage of Bitcoin mining energy stemming from renewable sources had exceeded 50% due to “falling emissions plus a dramatically rising hash rate.”
The move comes after Bitcoin miners started fleeing China following the nation’s ban on mining in 2021. Furthermore, other countries forayed into crypto mining to “monetize stranded and excess energy,” the analyst added.
What does this mean for BTC price?
Well, it is still too early to come to conclusions. Still, if Elon Musk brings back BTC payments thanks to growing clean energy use, it could result in a fresh surge in bullish pressure in the leading crypto asset, particularly among institutional investors.
But regardless of Musk and Tesla, Bitcoin’s clean energy usage exceeding 50% nevertheless represents a significant milestone for the digital asset as it could garner the attention of other environmentally-friendly investors and companies.
At the time of writing on September 15, BTC was changing hands at $26,634, up 1.3% in the past 24 hours. The cryptocurrency advanced 1.7% on the weekly chart while losing almost 10% on the month. Year-to-date, its gains remain strong at over 60%.
2. Bitcoin Miners Lead In Clean Energy Adoption, Surpassing 50%
Bitcoin miners have ushered in a new era of sustainability, according to a crypto analyst, who recently revealed that more than half of the energy powering crypto mining operations now originates from renewable sources.
Bloomberg analyst Jamie Coutts, a leading authority in the cryptocurrency field, attributes this significant shift to “falling emissions plus a dramatically rising hash rate,” marking a pivotal moment in the journey towards sustainable cryptocurrency mining.
Bitcoin Miners Make Strides In Eco-Friendly Transition
Coutts highlighted how advancements in data collection and analysis have played a pivotal role in altering the perception of Bitcoin mining’s environmental impact.
According to Coutts, one of the primary drivers behind this eco-friendly transition has been the dispersion of miners from China following the country’s ban on mining activities in 2021. Additionally, several nations have embraced cryptocurrency mining as a means to “monetize stranded and excess energy,” providing a unique opportunity to tap into clean energy sources.
The sustainability drive in crypto mining has not gone unnoticed by industry magnate Elon Musk, CEO of Tesla. In May 2021, Musk sent shockwaves through the crypto community when he announced that Tesla would cease accepting Bitcoin payments due to concerns about the cryptocurrency’s carbon footprint.
Elon Musk’s Influence
However, Musk did offer a glimmer of hope by establishing a threshold for sustainability, stating that Tesla would resume Bitcoin payments once the cryptocurrency mining industry achieved a 50% or higher reliance on renewable energy sources.
While Coutts’ recent report confirms that this threshold has been met, Musk has remained tight-lipped about any plans to reinstate Bitcoin payments at Tesla.
Despite the positive trend towards greener energy sources in Bitcoin mining, it appears that Musk has not yet publicly signaled a shift in Tesla’s policy regarding cryptocurrency payments.
This leaves the crypto community and environmental advocates eagerly awaiting any updates or statements from the influential CEO regarding the future of Bitcoin within Tesla’s payment ecosystem.
With over 50% of Bitcoin mining energy now sourced from renewables, the perception of cryptocurrency mining’s environmental impact is evolving rapidly.
However, the ultimate decision on whether to embrace Bitcoin as a mode of payment for electric vehicles remains in the hands of key industry players like Elon Musk and Tesla.
3. How Miners Can Mine Crypto Using A Mining Platform
Cryptocurrency coins are digital coins that are mined by investors to gain these assets. For instance, Bitcoins are mined, which are later sold by miners to earn cryptocurrencies. Mining Bitcoin is more challenging than it seems; you need software and hardware computers and a powerful connection for effective mining. You also need an exchange wallet to store Bitcoin. In this article, we will be looking at where you can mine these cryptos using different platforms.
Crypto Mining App
Mining crypto is one of the ways investors can earn these digital coins. Initially, we knew that digital coins like Bitcoin, Ethereum, and Dogecoin could be bought with fiat money. But since 2021, cryptocurrencies have been gaining popularity. Larger and smaller companies have accepted cryptocurrencies. The fact that more than 75% of individuals worldwide have accepted cryptocurrencies has implications for the future of finance. Organizations and bigwig institutions have accepted cryptocurrencies while extending their support.
Which kinds of platforms can miners use to acquire digital coins? There are numerous platforms that investors can use to acquire cryptocurrencies. Users can use Binance, which is one of the largest crypto exchanges where investors can mine these cryptocurrencies. CryptoTab is another platform that miners can use to acquire Bitcoin and other currencies. It is supported on Android and iOS.
Keeping in mind that a crypto exchange is required when you need to acquire these digital coins, we will be looking at how users can use these platforms to mine them.
How To Use Crypto Mining Apps
Crypto mining is profitable but, at the same time, can be hazardous to your smartphone. As much as we would love to mine cryptocurrencies using smartphones, it creates danger for the phone. For instance, mining needs a lot of power, and smartphone batteries cannot provide the power needed to mine digital coins. Therefore, you need a program that supports mining for you to do your mining. We normally support miners to use computers to do this mining.
In this part, we will be looking at how various apps can be effective for miners. The first mining app is MinersGate. For individuals to start mining cryptocurrencies, they first need to have an account on MinersGate. After installing this application, you sign up. MinersGate has over 6 million users worldwide. This app is also favorable for Android users as it maximizes battery usage.
These apps present several pools where investors and miners can acquire their cryptocurrencies. This means that users have options for what they can mine. You can mine Bitcoin, Ethereum, or Dogecoin or you can mine all three coins. For the lazy miners who don’t like to follow the news, I guess you are so lucky. You don’t need to always follow the market. The use of smart mining enables users to mine their digital coins since the technology can analyze the market and give you feedback on when to execute your mining.
For instance, users can decide to do their mining on a smartphone; the possibility of acquiring a PC or laptop might be hard for some people. Therefore, you can use a smartphone to mine these cryptocurrencies. If you want to use the smartphone, you are required to join pools that support mining. Using a smartphone to mine these digital coins is a hard task, and it may take time before accessing a single cryptocurrency. Therefore, by joining programs that support mining, you will be able to acquire these cryptocurrencies and also share rewards with other miners and investors.
How Miners Earn Cryptocurrencies
Miners do not only get rewards through mining; for instance, transactions that come with mining enable miners to earn cryptocurrencies. The price of Bitcoin varies depending on how the market goes. When miners acquire bitcoin or any other digital coin, they sell these cryptocurrencies and acquire fiat money. According to the Trading View chart as of 2021, the value of bitcoin hit $70,000. But in March there was a bull’s momentum which raised the value to $29,000 as of this writing. Investing in Bitcoin can change one’s life.
Predicting how the market will move in cryptocurrency is not easy because of its volatility. For instance, in 2021, bitcoin crashed, bringing losses to organizations and leading to a loss of money. Despite how this volatility changed the market, it can bring a smile to investors’ faces. The volatility plays both ways, and it is this volatility that makes Bitcoin interesting. Therefore, investors should exercise caution and manage their risks properly.
Cons Of Mining Cryptocurrencies
Electricity is an issue as far as mining is concerned; it consumes a lot of cryptocurrency. Mining crypto assets, as stated before, requires a high amount of power to mine a single bitcoin or any of the other digital coins. For instance, it is estimated that the power that crypto miners consume per hour is over 130 terawatts.
This is a lot of power. For instance, to mine Bitcoin, miners require hardware and software computers to solve some complex mathematics. Let’s say a thousand miners are mining that single bitcoin. Therefore, this requires a lot of power for such a transaction to happen.
Mining cryptocurrencies alone is a problem. What if the requirements are not met? These components, which are required by miners, are expensive. You might do mining and end up not getting a single Bitcoin or any other digital coin. This creates looseness; you have consumed a lot of power and haven’t acquired what you need.
Therefore, we now understand what mining is and how investors earn cryptocurrencies. We have seen how important these apps are to miners. Without these apps, miners cannot mine their cryptocurrencies. Therefore, it is a necessity for crypto mining to occur. By using the mentioned apps, such as MinersGate, users will be able to acquire their cryptocurrencies and earn rewards later on.