FXEMPIRE
All
Ad
Advertisement
Advertisement
Hassan Maishera
Add to Bookmarks
Tesla

Tesla CEO Elon said the electric car manufacturer would resume accepting Bitcoin again. However, the company will only do so if the Bitcoin miners use renewable energy.

Tesla wants miners to use renewable energy

The leading cryptocurrency has come under fire in recent weeks for apparently contributing to the climate change concerns due to the miners using massive non-renewable energy to mine Bitcoin. As such, Tesla removed Bitcoin as a payment option for its electric vehicles.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

However, the company could resume accepting BTC as a payment option once everything is in order. Tesla CEO Elon Musk revealed this yesterday while replying to a post by Cointelegraph that criticized him for causing pumps and dumps in the market with his tweets.

Musk denied the allegations and went on to reveal that Tesla will start accepting Bitcoin again once miners commit to using renewable energy to mine BTC and other cryptocurrencies. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” he tweeted,

 

Musk also clarified that Tesla still holds on to most of the bitcoins it bought earlier this year. The electric car manufacturer bought $1.5 billion worth of bitcoins in a few months. Following Tesla’s decision to stop accepting Bitcoin as a means of payment and Musk’s subsequent attack on the cryptocurrency, most people speculated that Tesla had sold its bitcoins.

However, Musk corrected that Tesla only sold 10% of its bitcoins holding, and the company did so to prove that BTC could be liquidated easily without moving the market.

Advertisement

Bitcoin’s energy concerns remain

There are numerous theories regarding Bitcoin’s massive energy usage. According to the Cambridge Bitcoin Electricity Consumption Index, the energy used in mining Bitcoin is the same as the annual carbon footprint of Argentina.

BTC/USD pair. Source: FXEMPIRE

The leading cryptocurrency has been in a bearish trend for the past few weeks. Its price has struggled to surpass the $40k mark despite recent positive news in the market. At the time of this report, Bitcoin’s price is up by 12% over the past 24 hours, and it is trading at $39,587 per coin on various crypto exchanges.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker