Bitcoin sees increase in price after Elon Musk tweeted Tesla may resume accepting crypto

A 12% increase in the price of Bitcoin has been seen since the Tesla CEO Elon Musk said on Sunday that his electric vehicle maker could accept bitcoin again in the future if there’s clean energy usage by miners.

As of 1:00 p.m. ET Monday, Bitcoin surged 12% to $39,200.40, as per data by Coindesk. The leading digital currency has increased over 30% since the beginning of 2021. However, its current price is way below the all-time high April hit of $64,829.14.

Those improvements happened after Mush tweeted on Sunday that “Tesla will resume allowing Bitcoin transactions when there’s confirmation of fair (-50%) clean energy usage by miners with the positive forthcoming trend.”

Car purchases through Bitcoin were stopped by Tesla in mid-May due to worries over the environmental impact of cryptocurrency mining. Some huge amounts of energy levels require fueling powerful computers in crypto mining.

According to the Bitcoin Electricity Consumption Index of Cambridge, crypto mining is consuming more energy than entire nations like Belgium and Finland.

The new announcement by Tesla owner initiates yet another phase of large market moves.
Musk May comments over the suspension of Bitcoin transactions brought a 40% decrease in prices of most of the cryptocurrencies, mainly the Bitcoin.

Bitcoin future under the environmental spotlight

The climatic impact of cryptocurrency mining has come under significant scrutiny. In late May, the Inner Magnolia region of China, a prominent bitcoin mining region, proposed penalties for companies and persons involved in the mining of digital currency. This crackdown came after Liu He, Chinese Vice Premier, cited “crackdown on Bitcoin mining” to prevent “risk to the social field.”

Iranian authorities have also announced a four-month ban on energy-consuming crypto mining. The ban will be effective until Sept. 22, and it was introduced after the officials reported blackouts in Tehran and many other big cities due to the energy-intensive activity of Bitcoin and other cryptocurrency mining.

A professional writer since 2014 with a Bachelor of Arts in Journalism and Mass Communication, Nathan Enzo ran the creative writing department for the major News Channels until 2018. He then worked as a Senior content writer with LiveNewsof.com, including national newspapers, magazines, and online work. He specializes in media studies and social communications.

LEAVE A REPLY

Please enter your comment!
Please enter your name here