Tesla has stopped accepting bitcoin as a means of payment for its cars. The carmaker says it is concerned about the increasing use of fossil fuels in the transactions and mining of the crypto currency.
“We are convinced that bitcoin has a promising future, but the environment must not suffer,” said Tesla CEO Elon Musk. an announcement on Twitter. “From the moment that the mining and transactions of bitcoin are based on renewable resources, we will use the crypto again.” Tesla is also investigating whether it can use other crypto coins as a means of payment that have less than one percent of bitcoins energy costs.
The company will no longer sell bitcoins. During the first quarter of 2021, Tesla made an additional $101 million from bitcoin sales after purchasing $1.5 billion in Bitcoin at the beginning of February. It also turned out that the car company wanted to accept bitcoin as a valid means of payment. That happened at the end of March and only in the United States.
After Musk’s announcement, bitcoin’s value plummeted. At the time of writing, a bitcoin is worth about $42,000.