Elon Musk tweet moves the Bitcoin prices again. On Sunday, Elon Musk said that Tesla would resume transactions with Bitcoin (BTC) when mining is done with more clean energy. Is clean energy even possible? l shall share more on this piece of news below.
Elon Musk and Bitcoin
Now, back to Elon Musk. Cryptocurrency investors will know that Elon Musk’s tweet always have a significant impact to Bitcoin (BTC) prices. The below chart shows the impact of how Elon Musk’s tweet causes the price of Bitcoin to jump from estimated US$35K to the current US$39K. That is a 22.52% increase.
Square Inc (NYSE:SQ) Invest In Solar Powered Bitcoin Mining Facility
If you are not familiar with Square Inc, this company is an American financial services and digital payments company that is based in San Francisco, California.
On 6th June 2021, the company announced its plan to invest US$5 million to build a solar powered Bitcoin mining facility through a partnership with Blockstream. Blockstream is a leading provider of both open-source and commercial Bitcoin technologies.
The facility will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale”.
What Are You Waiting For?
I believe there is still huge potential for Bitcoin (BTC) mining despite China clamping down on Crypto mining.
Solar is a form of clean energy and if this proof-of-concept turns out well, the future of Bitcoin (BTC) remains bright.
Recently, I have also signed up for a Hodlnaut account whereby I deposit my Bitcoin to earn additional interests. If you sign up using my Hodlnaut referral link, you will receive a US$20 signup bonus after making an initial deposit equivalent of US$1000 on any of Hodlnaut supported assets. Bonus payouts are paid in the same asset deposited.