Tesla has “suspended vehicle purchases using Bitcoin” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining,” according to a tweet from CEO Elon Musk on Wednesday.
In a recent tweet, Tesla CEO Elon Musk quoted “suspended vehicle purchases using Bitcoin” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining.”
After this tweet, the cryptocurrency market has fallen again. Bitcoin prices slashed sharply along with some other cryptocurrencies. Tesla had brought $1.5 billion worth of bitcoins in the recent past. The company also stated that it will invest more in Bitcoin and some other cryptocurrencies in the future. But as of now, they are concerned for the electricity used in mining is produced at the cost of a high amount of fossil fuel burning.
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In a statement shared on tweeter, Tesla said, “Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
Now days each time Elon Musk quotes the market of crypto currencies reacts accordingly. He seems to be a good influencer for this digital block chain market.
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