A full ten days had passed since the Elon Musk has tweeted about Bitcoin. Amid calls for regulation on cryptocurrencies and accusations that his tweets may violate SEC rules, perhaps it makes sense that he has been silent. Until today.
After being openly accused of price manipulation by Syngia CEO Magda Wierzycka, the Tesla CEO has once again taken to Twitter to defend himself and his actions:
In defending himself, he has also set laid out guidelines for when Tesla will start accepting Bitcoin again as payment. Ironically, the price of Bitcoin has rebounded 6.9% since the tweet.
However, it seems to me that the actual news making its rounds of Musk's tweet -- hours after it was posted -- may be responsible for the rise.
Regardless, Bitcoin bulls are making a push for 40k - a level last seen on May 21, 2021.
What puzzles me about Tesla's guidelines for resuming Bitcoin payments is how exactly will they determine 50% of miners are using clean energy?
According to an Ark Investment analyst, 76% of miners are utilizing clean energy. An academic study from last year reports that 75% of miners are China-based - and 40% of which are powered by coal.
What's clear is that more research needs to be done in the field, which is where the Bitcoin Mining Council comes into play. Their website went live on Friday, which states their mission:
The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining.
If you're not a fan of Elon, fear not, he has no role at the BMC. However, in my view, he appears to now be using his platform to promote clean mining. This is a far cry from his shitposting about Doge or Cumrocket. Hopefully he can keep his tweets on the topic of Bitcoin miners using renewable energy sources. After all, Tesla may ultimately have a role in said mining.
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