Tesla No Longer Accepting Bitcoin as Payment Due to Environmental Concerns.
On May 12, Elon Musk announced that Tesla would no longer be accepting payments in the form of Bitcoin.
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The Tesla CEO cited concerns over the “rapidly increasing use of fossil fuels” to mine Bitcoin.
Tesla has suspended vehicle purchases using Bitcoin.
We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
, Elon Musk, via Twitter.
Musk went on to reiterate his support for cryptocurrency, saying it has a “promising future.” .
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, Elon Musk, via Twitter.
He then confirmed that Tesla would not be selling off the Bitcoin it holds.
We intend to use it for transactions as soon as mining transitions to more sustainable energy.
We are also looking at other cryptocurrencies that use