Sustainable energy employed in bitcoin mining grow by 60% in 2022

[Lens1000]

We should not forget so soon be impact of the China crackdown on bitcoin mining last year. The Chinese government accused the bitcoin miners of using energy that is not environmental friendly to mine. It was known that the miners in China uses the coal to mine bitcoin. The coal is used as the energy source of mining bitcoin but it is not a good way to mine because the emission is not environmental friendly.

At the period of crackdown, the price of cryptocurrency dips. There was a further dip in price of bitcoin when Elon Musk supported the stiff action that was taken against cryptocurrency in China. He immediately withdrew the use of bitcoin as a payment option for the purchase of Tesla luxurious electric cars. At this time, the price of bitcoin crashes and many investors incure lots of losses.

It was seen that bitcoin has improved in the use of a sustainable energy in the first quarter of 2002. Bitcoin recorded 60% growth in the use of sustainable energy for the mining process, the figure was released by the bitcoin mining council(BMC) fronted by the CEO of microstrategy,Michael Saylor. Bitcoin blockchain is a largest blockchain in the crypto ecosystem and it was recorded that the energy sources used for mining the cryptocurrency Belmont are environmental friendly.

 

[sincerem]

Elon musk only withdrew Bitcoin as the means of payment from it's list of Tesla's motors payment gateways and kept only dogecoin as the means of crypto payment option. I know it caused panic, but that's just it because he feared that the controversial decision made by the Chinese government will make Bitcoin dip in more which in turn making his funds devalue as customers consistently make payment using Bitcoin. And again, he's an ambassador of dogecoin that was the main reason why he allowed the coin as the only crypto option for Tesla model cars purchase. I know the cracked down of Bitcoin farm really caused the market to be in total jeopardy, but things have gone better since then. The entire Bitcoin community aren't feeling skeptical about the future of the coin, thinking it will sink down completely. Normal buy and sell have been going well since then, and miners have found their way around other countries which has helped them to continue mining at a favourable condition and not using hazardous energy sources for Bitcoin mining. Now they've migrated to using an eco friendly energy source to mine Bitcoin which is the renewable energy source..