Tesla stops taking Bitcoin for car purchases, citing environmental hurt

Tesla Model S redesign
Picture: Tesla

Tesla has stopped accepting bitcoin as cost for its automobiles out of concern that it’ll contribute to higher consumption of fossil fuels, in accordance with an announcement CEO Elon Musk tweeted Wednesday. Tesla had solely simply began accepting bitcoin in late March.

Musk additionally stated that Tesla will now not promote any extra of the $1.5 billion stash of bitcoin it bought earlier this 12 months. Tesla bought a few of that bitcoin within the first quarter of 2021, which wound up serving to pad the corporate’s quarterly revenue figures.

Tesla would resume accepting bitcoin (and would think about promoting extra of it) as soon as the method of mining bitcoin “transitions to extra sustainable power,” in accordance with the assertion. The corporate can also be “ different cryptocurrencies…

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