At the moment, Bitcoin is No longer being accepted by Tesla as Payments, as they explore other crypto options. As cryptocurrency is entering the mainstream and requires digital assets to increase, society is increasingly forced to reckon with its dark side: the fossil fuels that are used to mine Bitcoin and others like it. the issue happens to be behind Elon Musk’s Announcement that Tesla happens to have released support for Bitcoin as an option for payment.
Bitcoin No Longer Accepted by Tesla as Payment
Bitcoin came to stay. At the moment a bitcoin is worth far more than $53,000 USD right now and it happens to be a lot easier than ever for the average consumer in other to trade fiat currency for digital money. Critics expressed their concerns for years now over the amount of energy that is required for you to mine cryptocurrencies and the impact that it could actually have on climate change and efforts.
In a recent tweet, Elon Musk stated that While ‘cryptocurrency is a great idea on many levels and we believe it possesses a promising future, ‘Tesla would stop accepting Bitcoin for vehicle purchases. This is based on the fact that the ‘rapidly increasing use of fossil fuels for your bitcoin mining and transactions, especially coal, which possesses the worst emissions of any fuel.
The Zero-emissions electric car company has recently announced that they would begin accepting bitcoin as payments for their vehicle purchases in late March. The announcement was followed by the automaker’s huge purchase of $1.5 billion bitcoin in February. In his new statement, mush revealed that Tesla would not sell any of their Bitcoin, but that it would be making use of it for their transactions ‘as soon as mining transitions to more sustainable energy.’
In what might throw the crypto-investors into a frenzy, Musk teased that Tesla would be looking into other cryptocurrencies, specifically the ones that make use of less than 1-percent of the energy that is required for Bitcoin. Tesla’s announcement follows a recent report from the grist that detailed the purchase of a former coal-to-natural-gas power plant that was fired back in other to run as a bitcoin mining operation.