Tesla to accept bitcoin again when greener


Tesla says it will accept bitcoin payments, once the cryptocurrency proves it can be mined in a more environmentally conscious manner. REUTERS

Elon Musk, CEO of electric vehicle maker Tesla, said on Sunday that the US company will accept bitcoin payments again when the virtual currency is greener.

The American manufacturer caused a sensation in February when it announced that customers could pay in cryptocurrency, an option that became possible at the end of March.

But then Musk changed his mind, indicating that bitcoin were no longer accepted — in the interest of protecting the environment.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," the billionaire wrote on Twitter Sunday.

Bitcoin are produced by powerful computers that have to solve equations and consume huge amounts of electricity in the process.

The science journal Nature recently published a study showing that China's bitcoin mines, which power nearly 80% of the world's cryptocurrency trade and run in part from coal-fired power plants, risk jeopardising the country's climate goals.

Musk on Sunday reacted to an article raising the possibility that with his tweets, which regularly move the value of bitcoin in one direction or another, he is manipulating market prices for the benefit of his business.

"This is inaccurate," he said. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market."

The US automaker announced in early February that it had invested US$1.5bil (RM6.17bil) of its ample cash in bitcoin and has since sold part of it. – AFP

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Tech News

Young TikTok star shot in California movie theatre dies
VW boss: Data to be key issue for future of self-driving cars
Anti-vax app squares off with Google, Apple over misinformation
Smart buildings: Cohesion CEO on the office of the future
Standing up to ransomware
Renault locks in lithium supply from Vulcan Energy in five-year deal
eSports and mental health: Balancing drive to win with protecting players
Catching fire: AI is helping scarce firefighters better predict blazes
Square reports over 143% jump in revenue in Q2
Square to buy Afterpay for $29 billion as buy now, pay later booms

Stories You'll Enjoy


Vouchers