Bitcoin has risen to about $37,000 per unit at the time of writing. While this number is nothing compared with the new all-time high it attained in mid-April, it is still about $5,000 more than where it stood during the early portion of the week. Thus, it can be said that bitcoin may be returning…
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California-based electric vehicle maker Tesla may start accepting Bitcoin payments again on the condition that more than half of the mining energy used is green.
Tesla may not be done with Bitcoin according to a tweet from its chief exec and product architect Elon Musk. Musk revealed yesterday that the EV automaker and clean energy company could potentially go back to accepting Bitcoin payments at some point in the future. The revelation, in the form of a tweet, was in response to claims by Sygnia CEO Magda Wierzycka that Musk was using his influence to manipulate Bitcoin prices.
Wierzycka alleged that Musk was misusing his influence and urged the US Securities Exchange Commission to probe him. The billionaire entrepreneur has posted several tweets referencing Bitcoin and other cryptocurrencies like Dogecoin. This has offended some in the crypto community who feel his posts are swaying the crypto market’s direction.
Tesla’s foray into cryptocurrencies started early this year when the company announced it was directly investing $1.5 billion into Bitcoin. This was followed by another announcement in March when Elon Musk set forth that Tesla customers in the US could settle payments in Bitcoin. The announcement detailed that the company would not convert the obtained bitcoins into cash.
In the last week of April, the automaker published its earnings report for the first quarter of the year. The report showed that it had sold a total of 10% of its Bitcoin holdings. Wierzycka contended that Musk intentionally made a huge Bitcoin acquisition to boost prices before selling when the price was high enough.
In response, Musk shared on Twitter, “This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving [the] market.”
Tesla backtracked on its decision last month when it revealed that it was no longer supporting Bitcoin payments citing energy concerns. Musk’s recent tweet, however, suggests that Tesla may bring back the Bitcoin payments option.
He specified that the company will start allowing Bitcoin transactions once again if more than half the energy used for Bitcoin mining is obtained from renewable sources.
He wrote, “When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions.”
There are reports that the announcement contributed to the current uptrend in Bitcoin price. On the other hand, some believe that Musk conveniently made the announcement just as Bitcoin was gearing for a price surge. The decision, nonetheless, offers some hope that the debate of Bitcoin’s energy consumption may come to an end soon.
The post Tesla to Accept Bitcoin on Condition Green Energy is Used appeared first on Coin Journal.
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TFUEL burning and a transaction fee adjustment were implemented on Friday as part of Theta’s journey towards Mainnet 3.0 later this month.
After many days of indecision in the crypto market following the May crash, all major cryptocurrencies are currently showing gains in the last 24 hours and THETA has been leading the charge.
THETA has seen significant price improvement since its May low of $3.71, and surged 18% in the last 24 hours alone to reach the price of $9.10 at time of writing. Theta Fuel (TFUEL), which is the gas for the Theta blockchain, has also seen positive movement and was up 9% over the same period.
Theta Network is a blockchain-powered network for decentralised video delivery, which hosts video platforms such as Theta.tv. Viewers can earn TFUEL rewards for sharing excess bandwidth and resources.
The World Poker Tour (WPT) partnered with Theta back in April to launch real-time non-fungible token (NFT) drops through the ThetaDrop NFT platform. The buying pressure for THETA and TFUEL recently may have been helped by anticipation for the peer-to-peer ThetaDrop NFT Marketplace launching tomorrow.
And that’s not the only innovation in the Theta ecosystem. The Mainnet 3.0 update is due to be released at the end of this month. This development involves the introduction of a moderate gas fee increase on the Theta protocol so as to better align value with the transaction volume on the Theta blockchain.
The fees are still 90% to 95% lower than those on Ethereum, however, and the change is accompanied by the introduction of TFUEL burning. Network transaction fees, smart contract fees and at least 25% of each TFUEL payment to the network will be burned.
Although the network currently processes about 100,000 transactions per day, the launch of the ThetaDrop marketplace and other expansion plans could mean 600,000 transactions per day just for NFT interactions with Theta smart contracts.
This would lead to almost 250 million TFUEL being burned annually, which would cancel out most of the TFUEL inflation each year. The update will also see the introduction of TFUEL staking, which could ultimately lead to a deflationary TFUEL model in the long term.
The transaction fee adjustment and TFUEL burning have already been implemented as part of the v2.4.0 protocol update, which went live at block 10,709,540 on Friday.
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Tesla’s chief executive officer Elon Musk has hinted that the electric car maker may accept Bitcoin (BTC/USD) again as payment for its products. Bitcoin reacted with a 13% pump within 24 hours of his announcement.
However, the executive said it will not be happening unless miners use about 50% of clean energy. The Cambridge Center for Alternative Finance recently revealed that about 39% of mining activities on cryptocurrencies use renewable energy sources.
By this estimate, it means miners need to add about 11% in renewable energy mining before Tesla considers Bitcoin acceptance.
Following the jump, the crypto asset is now trading at $39,533, based on data from Coindesk while this is still a far cry from its all-time level two months ago, it’s an impressive surge knowing that it was trading at roughly $30,000 two weeks ago.
A massive influence on Bitcoin’s price
There is no doubt that Elon Musk has had a big influence on the price of Bitcoin in recent months. His previous tweets about the cryptocurrency coincided with an unprecedented upsurge leading Bitcoin to hit an all-time high of $64,800 in April.
Again, when he tweeted that Tesla has suspended Bitcoin acceptance due to environmental concerns, the cryptocurrency nosedived. However, China’s resolve to ban Bitcoin mining also hurt the crypto asset.
Elon Musk has always been a crypto enthusiast, and it’s only a matter of time before Tesla starts accepting Bitcoin again, after the suspension period.
Although Bitcoin started picking up about two weeks ago, a 13% gain within the space of 24 hours is likely attributed to Elon Musk’s recent tweet.
Mining Bitcoin using clean energy
Crypto mining consumes massive amounts of energy that powers computers to solve complex mathematical problems. It has been estimated that the energy consumption level of Bitcoin mining a year exceeds the entire yearly energy consumption of some countries.
There is more clamor for the use of renewable energy to mine Bitcoin than ever before, and stakeholders in the industry have already set up a commission that is tackling the issue. Chief Executive Officer of Microstrategy Michael Saylor, who is a staunch Bitcoin believer, is heading the commission.
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