Posted By Admin Posted On

Tesla stops taking Bitcoin for payment

Elon Musk takes a 360 just 3 months after announced it would begin accepting the cryptocurrency Bitcoin as payment for its cars— the carmaker has reversed its course.

On Twitter on Wednesday, Elon Musk, Tesla’s chief executive, said Tesla had stopped accepting Bitcoin because of concern about the energy consumed by computers crunching the calculations that underpin the currency.

Read about Covid safe rim repairs here.

“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,” Mr. Musk wrote. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” – Source