After suspending bitcoin payments in 2021, Elon Musk said he would restart the service once miners reached “carbon neutrality” in their energy consumption, a benchmark that may have recently been reached. Bloomberg analysts report that more than 50 percent of the energy used in bitcoin mining already comes from renewable sources, in part because miners are moving away from China’s mining ban to countries where energy monetization is the norm.
Bloomberg analyst Jamie Coutts reported in a tweet that more than 50% of bitcoin mining energy comes from renewable sources, highlighting that “emissions are down and hash rates are up dramatically.” He said the push for renewable energy was driven by the withdrawal of miners from China following the country’s ban on crypto mining starting in 2021, as well as a shift in some countries to a mining model that monetizes stranded and excess energy.
He further writes: “The bitcoin mining industry is becoming a key player in the push for decarbonization, and the industry faces accusations that the massive use of energy to mine cryptocurrencies has made its carbon footprint unsustainable, which is contradicted by increased data visibility.”
With countries like El Salvador, Bhutan, Oman, and the United Arab Emirates investing in bitcoin mining, a 50% carbon-neutral energy benchmark could mean that Tesla is about to take significant action. Since setting a 50% sustainable energy threshold for Tesla to resume bitcoin payments, Musk has acknowledged that there is a positive trend toward green energy, but has never changed Tesla’s policy.
On July 22, Reuters reported that Tesla founder Musk said at a conference that Tesla would likely resume accepting bitcoin payments after completing due diligence on the amount of renewable energy used for bitcoin mining, and he confirmed that he and his U.S. space exploration technology company, SpaceX, both hold bitcoin.
Musk said that Tesla’s mission is to accelerate the arrival of sustainable energy, and that it is certainly necessary to do proper due diligence on bitcoin’s energy use, hoping that additional research will confirm that renewable energy use is most likely at or above 50%, with a growing trend, and that Tesla will resume accepting payments in bitcoin if all goes as expected.
More in-depth analysis and thoughtful research by Bloomberg suggests that bitcoin miners have indeed reached 50% clean energy usage and that future trends look optimistic. The Street Review concludes, “It looks like the time has come for Musk and Tesla to resume bitcoin payments, and if Tesla’s past support is any indication, bitcoin prices may react positively to the news. Bitcoin prices may react positively to this news, if Tesla’s past support is any indication.”
Crypto investors will be watching closely to see how this plays out, as Tesla’s permission to accept bitcoin payments previously sparked a spike.
Firebee’s 10th anniversary: HTX
On the occasion of its 10th anniversary, Firebee Exchange officially rebranded itself as HTX, and its Global General Counsel Justin Sun announced the launch of the new name at the event. According to the announcement, H stands for Huobi, T stands for Tron, and X stands for Exchange.
If we look at the new name HTX in terms of HT and X, HT stands for its platform currency and X also symbolizes the exchange, which means that HTX is an exchange based on the native token HT. In addition, X is the Roman number 10, which pays tribute to HTX’s 10th anniversary, and HTX has announced a new marketing slogan, HTX, Just Trade It.
HTX plans to expand globally, and in addition to its primary focus on growth and profitability, will strategically partner with stablecoin projects such as WaveField, the cross-chain protocol BitTorrent Chain, and TrueUSD. HTX also mentions its commitment to promoting decentralized sustainability, regularly updating proof of reserves, and establishing a risk reserve fund.
After the official announcement, the official website of FireBeat Exchange, all major social platforms and products have been changed to HTX.
Bitcoin Technical Analysis
According to CMTrade, Bitcoin’s RSI is below 50 and the MACD is positive and below its signal line. the MACD would have to break below the zero line to expect further declines. In addition, the price is trading below its 20-week moving average of $26,624, but above its 50-week moving average of $26,449.
“We are targeting a drop to $25,980 and an upside break above $26,770, then $27,060 and $27,230”.
