Story at a glance
- Tesla is likely to begin accepting Bitcoin as payment again, Elon Musk said.
- Musk made the comments at the virtual B Word conference, stating the company will first research how much renewable energy is needed to mine the currency.
- In May, Musk said Tesla would stop accepting Bitcoin as payment because the mining of the cryptocurrency utilized too much electricity generated by fossil fuels.
Tesla is likely to begin accepting Bitcoin as payment again after the company conducts further research into how much renewable energy is needed to mine the currency, Tesla CEO Elon Musk said.
“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin” Musk said. “Most likely the answer is that Tesla would resume accepting Bitcoin.”
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Musk made the comments during the virtual B Word conference, according to The Guardian.
In May, Musk said Tesla would stop accepting Bitcoin as payment because the mining of the cryptocurrency utilized too much electricity generated by fossil fuels.
Following Musk’s comments on Wednesday, Bitcoin rose by 8 percent to $32,160.16.
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Published on Jul 22,2021