Elon Musk saidTesla would acceptBitcoin payments again once "mining" uses 50%renewable energy .- Validating Bitcoin transactions requires lots of computers to use vast amounts of energy.
- Tesla started accepting Bitcoin in March, then stopped in May, citing environmental concerns.
Tesla will resume accepting bitcoin payments for its cars once miners of the cryptocurrency can show they are using roughly 50% clean energy, CEO Elon Musk $4 on Sunday.
"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," he said. This is the first time Musk has detailed the conditions where the company would start accepting Bitcoin again.
Musk announced in March that $4, then reversed this position in May when $4 because is was too environmentally costly to mine the cryptocurrency. He $4 at the time that Tesla intended to use Bitcoin again in future "as soon as mining transitions to more sustainable energy."
Musk's Sunday tweet $4. His tweet was a response to a $4 article that contained quotes from Magda Wierzycka, the CEO of asset manager Sygnia. Wierzycka said Musk had deliberately pumped up the price of Bitcoin so Tesla could sell off a big chunk of it. Musk disputed this.
"This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market," Musk said. He said in April that $4 to prove it was a viable alternative to cash.
The electric-car maker bought $4 in February.
-Elon Musk (@elonmusk) $4
Bitcoin uses a "proof of work" computing process to validate transactions on its blockchain, which requires lots of computers to use vast amounts of energy. Estimates on $4, but according to $4, 65% of Bitcoin mining takes place in China, where coal is the most common type of energy production.