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Elon Musk's Tesla now not accepts bitcoins because of its environmental affect

The cryptocurrency reduced in value by USD 2,000 after the announcement.

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12, 2021

2 min read

This article was translated using AI technologies from our Spanish edition. Errors can occur as a result of this process.

Auto company Tesla will stop accepting Bitcoin transactions due to the huge environmental impact of virtual currency mining. This was reported by his co-founder Elon Musk on his Twitter account this Wednesday.

Tesla & Bitcoin

– Elon Musk (@elonmusk) May 12, 2021

"Tesla has stopped buying vehicles with Bitcoin. We are concerned about the increasing use of fuels and non-renewable energy in transactions and mining.

Especially coal, which has the highest pollutant emissions into the atmosphere. Cryptocurrencies are a good idea on many levels, but their future shouldn't have a major negative impact on the environment.

Tesla will stop selling its Bitcoin and use it for transactions as soon as mining switches to using renewable energy. We're also investigating the use of cryptocurrencies, which use less than 1% of the energy needed for Bitcoin, "says Musk's tweet in English.

Until a few hours ago, the Tesla site offered the option to purchase the vehicles on their website, but the link has disappeared.

The news had an impact on the price of Bitcoin. According to Market Watch, the cryptocurrency was down $ 2,000 while Tesla shares fell about 1% in after-hours trading following the announcement.

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