The idyll has been short-lived. Just under two months after Elon Musk announced that Tesla had begun to accept payments in Bitcoin when acquiring its cars, the controversial CEO has now announced that Tesla stops accepting purchases with the cryptocurrency due to the high energy consumption it entails. its mining and its transactions.
According to Musk, "are concerned about the rapid increase in the use of fossil fuels for mining Bitcoins and transactions, especially coal, which has the worst emissions of any fuel. "Still, Musk says that" cryptocurrencies are a good idea on many levels and we believe they have a promising future, but this cannot be a great cost to the environment.
How to buy Bitcoins safely and without risk
Musk Says They Will Not Sell Their Bitcoin And Are Looking For Another More Efficient Cryptocurrency
Tesla's Purchase of $ 1.5 Billion in Bitcoin It was already a great controversy in several senses. One of them we tell here, and that is that buying a Tesla with this cryptocurrency could be a bad deal in the face of market volatility. But, beyond this, the problem was one of coherence.
Tesla is a leading company in the use of renewable energy and in overcoming the use of fossil fuels, and Bitcoin is right now one of its great rivals, considering that its network consumes an annual energy higher than that of Sweden, Malaysia , and very close to that of Egypt or Poland. In fact, since 2019 it has gone from supplying 64.15 TWh per year to 149.63 TWh of consumption in 2021.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP- Elon Musk (@elonmusk) May 12, 2021
Now Musk says they won't sell their Bitcoin (although they already got rid of 10% of the ones they bought), and says they will use it again when the energy cost is lower. Meanwhile, they explain that they are exploring options to use other cryptocurrencies that use less than 1% of the energy that Bitcoin consumes for each transaction.