Tesla will re-accept Bitcoin when it becomes less polluting

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New York: Tesla CEO Elon Musk has announced that the US electric car maker will again agree to pay with bitcoin when the virtual currency becomes less polluting.

“When it becomes certain that (Bitcoin) miners are using a reasonable amount of clean energy (about 50%) with a positive future outlook, Tesla will resume allowing bitcoin trading,” Musk wrote on his Twitter account on Sunday.

Tesla caused a sensation in February with the announcement that its customers would be able to pay in cryptocurrency, an option that became available at the end of March.

However, Elon Musk reversed the move a few weeks later, saying that Tesla would stop accepting bitcoin as a payment currency due to its negative environmental impact.

The creation of cryptocurrency bitcoin is based on blocks of cryptographic and documented operations that accumulate one by one. These blocks are produced by supercomputers that solve mathematical problems and consume huge amounts of electrical energy.

And the scientific newspaper “Nature” recently published a study showing that Bitcoin mining sites in China, which feed about 80% of global trade in cryptocurrencies and operate partly by relying on coal plants, may undermine the course of achieving climate goals in the country.

On Sunday, Musk responded to an article that hinted that the businessman could be manipulating the market through his tweets that constantly push towards changing the value of Bitcoin, up or down, for the benefit of his company. “This is inaccurate. Tesla has only sold about 10% of its Bitcoin in order to confirm the ability to sell (the cryptocurrency) easily without moving the market,” Musk wrote on Twitter.

Tesla announced in early February that it had invested $1.5 billion in bitcoin, but has since sold a portion of these cryptocurrencies.







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