The Daily: Bitcoin mining sustainable energy use exceeds Elon Musk’s Tesla target, Nasdaq files to list 21Shares’ Dogecoin ETF and more

About this update from Polygon Real Estate Ltd.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.Happy Tuesday! A potential gold revaluation could see the U.S. Treasury buying bitcoin sooner than expected, Coinbase Asset Management President Sebastian Bea told The Block on the latest episode of The Scoop podcast.In today's newsletter, Bitcoin mining sustainable energy use exceeds Elon Musk's Tesla target, Nasdaq submits a proposal to list 21Shares' Dogecoin ETF, prosecutors push for a 20-year sentence for former Celsius CEO Alex Mashinsky and more.Meanwhile, the Coinbase-incubated Layer 2 network Base reaches "stage 1" in Ethereum rollup decentralization with fault proofs and a security council.Let's get started.Bitcoin mining sustainable energy use exceeds Elon Musk's Tesla targetA new Cambridge University study found that Bitcoin mining now uses 52.4% sustainable energy — up from 37.6% in 2022 — surpassing Elon Musk's 50% threshold for Tesla to resume BTC payments.The report shows natural gas (38.2%) has overtaken coal (8.9%) as the industry's single-largest energy source, while nuclear accounts for 9.8% and renewables 42.6%.The findings come from a survey by the Cambridge Centre for Alternative Finance of 49 mining firms with operations across 23 countries — including Bitfarms, CleanSpark, Hut 8, IREN, MARA and Riot.Covering about 48% of global Bitcoin mining activity by hashrate, the study estimates the network's annual electricity consumption at 138 TWh — roughly 0.5% of global usage.Tesla began accepting bitcoin for electric vehicle payments in March 2021 following CEO Elon Musk's apparent embrace of the technology but suspended the feature just two months later, citing concerns over the environmental impact of mining."When there's confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions," Musk subsequently clarified.However, Tesla has yet to announce any resumption of bitcoin payment options, and it remains to be seen if it will do so.Nasdaq files to list 21Shares' Dogecoin ETF as SEC delays other decisionsNasdaq has filed a 19b-4 proposal to list and trade shares of 21Shares' Dogecoin ETF.A 19b-4 filing is part of a two-step process for proposing a crypto ETF to the SEC. Once acknowledged by the agency, the filing will be published in the Federal Regi...

View stock analysis, news, and events for Polygon Real Estate Ltd.