Citing concerns about the carbon footprint of Bitcoin mining, Elon Musk tweeted on Wednesday that purchases of Telsa vehicles are being suspended with cryptocurrency.
Tesla has suspended vehicle purchases using Bitcoin, citing concerns about the impact of cryptocurrencies on the climate, company CEO Elon Musk announced on Twitter on Wednesday.
“We are concerned about the rapid increase in the use of fossil fuels in Bitcoin mining and transactions, especially coal, which has the worst emissions of all fuels,” Musk wrote.
Bitcoin, the world’s largest digital currency by market capitalization, fell nearly 8 percent after tweeting according to Coinbase data.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but that can’t bring much cost to the environment,” Musk wrote.
Tesla and SpaceX leaders are in favor of cryptocurrencies and have driven major market movements this year in digital coin prices, including Bitcoin and Dogecoin.
Tesla and Bitcoin pic.twitter.com/YSswJmVZhP
– Elon Musk (@elonmusk) May 12, 2021
In January, Bitcoin rose when Musk posted it on the #bitcoin Twitter feed. His touch of Midas cryptography was not released again in February in Tesla’s regulatory proceedings iBitcoin bought $ 1.5 million and that people could use cryptocurrency to buy Tesla electric vehicles.
As Bitcoin has risen to new heights this year, they have been climate activists the alarm goes off Over the massive amounts of energy consumed by Bitcoin mining. Then, mining equipment is made up of powerful computers – sometimes thousands of them working all at once – competing heavily in Bitcoin transactions to earn new coins.
Researchers at Cambridge University believe that Bitcoin mining consumes as much electricity as every country in Argentina every year, and that China accounts for 65% of Bitcoin mining globally.
This carbon footprint contrasts with Musk’s support for clean energy. But it doesn’t give up on Bitcoin.
In a tweet on Wednesday, Musk said Tesla would not even sell a Bitcoin and plans to continue using electric vehicle manufacturers for cryptocurrency transactions “as soon as they move to a more sustainable mining energy.”
He also said that Tesla is studying more energy-efficient cryptocurrencies.