So Elon Musk now no longer accepts bit coin for Tesla purchases because of energy bitcoin uses [View all]
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Elon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”
The cryptocurrency uses more energy than entire countries such as Sweden and Malaysia, according to researchers.
Treasury Secretary Janet Yellen has also warned about bitcoin’s environmental impact, saying it uses a “staggering” amount of power.
Elon Musk’s decision to stop Tesla from accepting bitcoin as payment has led to fresh scrutiny of the cryptocurrency’s environmental impact.
Musk said Wednesday that Tesla had halted purchases of its vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”
He alluded to data from researchers at Cambridge University which shows bitcoin’s electricity usage spiking this year.
Tesla won’t sell its bitcoin — the automaker is sitting on $2.5 billion worth of the digital coin — and Musk said it intends to resume transactions with bitcoin once mining “transitions to more sustainable energy.”
“We are also looking at other cryptocurrencies that use
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