Elon Musk stops Bitcoin payments for Tesla, cites mining energy costs

Elon Musk has announced that Tesla has suspended vehicle purchases for Bitcoin, as Tesla is concerned about mining energy costs.

@Jak_ConnorTT
Published Wed, May 12 2021 7:15 PM CDT   |   Updated Wed, Jun 9 2021 7:31 PM CDT

Back at the end of March, Elon Musk announced that Tesla are accepting Bitcoin (BTC) as payment for vehicles, but now Musk has suspended BTC payments for his car company.

In a recent Twitter post on Musk's official Twitter account, Musk revealed that Tesla has "suspended vehicle purchases using Bitcoin". The image, as seen above, showcases that Tesla is concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions. Musk also states in the image that "cryptocurrency is a good idea on many levels" and that Tesla "believe it has a promising future, but this cannot come at a great cost to the environment".

Additionally, Musk says that Tesla won't be selling any of its Bitcoin holdings, and that the company still intends to use the currency for transactions "as soon as mining transitions to more sustainable energy". What is probably the most interesting part of the post is that Musk says that "we are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction".

At the moment, there isn't any information on what these "other cryptocurrencies" will be, but maybe it will be Dogecoin, as Musk recently asked if Tesla should accept Dogecoin as a payment.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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