Elon Musk says Tesla will no longer accept bitcoin due to fossil fuel use

 Digital currency, which is made with an energy-intensive process, falls 17% after the tweet

‘We are also looking at other cryptocurrencies that use <1% of bitcoin’s energy/transaction,’ Musk said. 

 

esla has suspended customers’ use of bitcoin to purchase its vehicles, Elon Musk said on Wednesday, citing concerns about the use of fossil fuel for bitcoin mining.

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Bitcoin, the world’s biggest digital currency, fell almost 17% after the tweet to its lowest point since the beginning of March. It recovered slightly in Asian trading but was still off 12% at $50,933 early on Thursday morning.

Musk said Tesla would not sell any bitcoin, and intends to use bitcoin for transactions as soon as mining transitions to more sustainable energy.

“We are also looking at other cryptocurrencies that use <1% of bitcoin’s energy/transaction,” Musk said.

Musk said in March that Tesla customers can buy its electric vehicles with bitcoin.

The digital currency is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on electricity generated with fossil fuels, particularly coal.

At current rates, such bitcoin “mining” devours about the same amount of energy annually as the Netherlands did in 2019, the latest available data from the University of Cambridge and the International Energy Agency shows

 

 

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