Citing concerns about the carbon footprint of Bitcoin, Elon Musk sent a message Wednesday that Telsa has stopped buying cars with cryptocurrency currency.
Tesla has stopped buying cars using Bitcoin, citing concerns about the impact of cryptocurrency on climate change, company CEO Elon Musk announced on Twitter on Wednesday.
“We are deeply concerned about the increasing use of oil in Bitcoin mining and operations, especially coal, which has the worst emissions of any oil,” Musk wrote.
Bitcoin, the world’s largest currency in the stock market, fell nearly 8% after a tweet according to Coinbase data.
“Cryptocurrency is a good idea for many groups and we believe it has a bright future, but this will not bring the environment,” wrote Musk.
The leader of Tesla and SpaceX is a major ally of cryptocurrensets and has encouraged major exchanges in the market for digital currency prices this year, including Bitcoin and Dogecoin.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
– Elon Musk (@elonmusk) May 12, 2021
In January, Bitcoin skyrocketed when Musk posted #bitcoin on its Twitter feed. Its impact on the Midas crypto was re-released in February after Tesla revealed on a game that it bought $ 1.5bn of Bitcoin and that people can use cryptocurrency to buy Tesla electric cars.
As Bitcoin has climbed new mountains this year, climate fighters have been around raising alarms due to the high power used by Bitcoin miners. That’s where mining tools with powerful computers – sometimes thousands of collaborators – run into Bitcoin trading to win new currencies.
Bitcoin mines use as much electricity each year as the rest of Argentina, researchers from the University of Cambridge estimate, with China accounting for about 65% of Bitcoin mines worldwide.
Those feet are against Musk’s support of pure power. But they don’t lose Bitcoin.
In a tweet Wednesday, Musk said Tesla could not sell anything of Bitcoin and that the automotive electronics manufacturer wanted to continue using the cryptocurrency currency by “transforming mining and creating more energy.”
He also said that Tesla is looking at ways to increase energy efficiency.