Elon Musk, the CEO of American electric vehicle manufacturer Tesla, stated that the company will not accept Bitcoin transactions again unless the cryptocurrency mining process relies significantly on clean energy sources to minimize environmental damage. In a tweet on Sunday, Musk mentioned that using clean energy for approximately 50% of Bitcoin production would be an acceptable standard.
It is noted that those involved in mining cryptocurrencies consume massive amounts of energy to maintain networks, store data, and process complex operations, which has sparked criticism from climate advocates. Musk and Tesla have issued several statements regarding Bitcoin over the past few months, causing volatility in the cryptocurrency's value.
Initially, the company announced it had invested about $1.5 billion in Bitcoin and would soon allow customers to pay with the digital currency to purchase Tesla vehicles. Bitcoin was introduced as a payment option in March, but this decision was suspended again after less than two months, as Musk pointed to Bitcoin's poor track record regarding environmental issues.
Musk denied accusations that he was manipulating Bitcoin's price through these recurring changes. He stated that Tesla sold about 10% of its Bitcoin holdings to demonstrate that it could be liquidated without significantly impacting the cryptocurrency's price.
