- Tesla has suspended vehicle purchases made using Bitcoin, according to a tweet from CEO Elon Musk.
- "Cryptocurrency is a good idea ... but this cannot come at great cost to the environment," Musk stated.
- Tesla reported buying $1.5 billion worth of Bitcoin in February.
- See more stories on Insider's business page.
Tesla has suspended vehicle purchases made using Bitcoin, according to a tweet from CEO Elon Musk.
"We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk said in a tweet sent Wednesday.
-Elon Musk (@elonmusk) May 12, 2021
Tesla reported buying $1.5 billion worth of Bitcoin in February.
The electric car maker will not sell Bitcoin, but intends to use the digital currency for transactions as soon as "mining transitions to more sustainable energy."
Musk has personally supported investment in cryptocurrencies like Bitcoin and Dogecoin. Cambridge reported Bitcoin's energy consumption - which is more than American Airlines according to one measure - jumped 80% since the beginning of 2020.
"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment," Musk stated.
This story is developing. Please check back for updates.
By: [email protected] (Allana Akhtar)
Title: Tesla won't allow Bitcoin payments on cars anymore due to the negative impact on the environment from mining
Sourced From: feedproxy.google.com/~r/businessinsider/politics/~3/jLI87XD71o0/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5
Published Date: Wed, 12 May 2021 22:33:56 +0000
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