Tesla suspends accepting bitcoins to buy cars, citing environmental damage

May 13, 2021 6:01 p.m. IST

Washington [US]May 13 (ANI): Elon Musk, CEO of the company Tesla Motors recently announced that the company has stopped accepting bitcoin as payment for its cars due to concerns – that it will contribute to higher fossil fuel consumption.
According to Mashable, the business tycoon and founder of SpaceX shared a statement on Twitter on Wednesday about the same. Tesla only in late March began accepting bitcoin.

The 49-year-old industrial designer also said this Tesla will no longer sell more than $ 1.5 billion in bitcoins purchased earlier this year. Tesla sold part of this bitcoin in the first quarter of 2021, which in turn helped increase the company’s quarterly earnings.
According to the statement, Tesla says it will resume accepting bitcoins (and consider selling most of it) as soon as the bitcoin mining process “moves to more sustainable energy”.

The company is also “browsing other cryptocurrencies that use <1 percent bitcoinenergy / transaction “. At the time of writing Teslathe user’s website indicates that he will still accept bitcoin for transactions.
Cryptocurrency It is a good idea on many levels, and we believe it has a promising future, but it cannot bring much value to the environment, ”Maska said in a statement.
This was reported by Mashable bitcoin annually consumes as much electricity as the Netherlands. All of this energy comes with a huge carbon footprint, and there is no easy solution because the blockchain on which cryptocurrency is built is deliberately energy inefficient. That contradicts TeslaMission “s” accelerate the world’s transition to sustainable energy “.
Musk also promoted another cryptocurrency, Dogecoin, which Tesla did not invest in.
Musk named Dogecoin, which was invented as a joke to satire Bitcoin, its favorite cryptocurrency and “people’s crypto.”
The value of cryptocurrency fell after Musk called it a “fuss” on Saturday Night Live. bitcoinAccording to Coindesk, the price similarly fell about 4 percent after today’s Mask tweet to $ 52,593.46 at 6:21 p.m. Eastern Time from $ 54,829.14 at 6:06 p.m. (ANI)

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