Tesla will accept Bitcoin again once miners go 50% green

Tesla Car Green

Reinstate. Elon Musk says that Tesla will resume accepting Bitcoin as payment once the power-hungry miners of the cryptocurrency go halfway green. As in, 50% of them confirm clean energy usage.

The CEO of the electric car maker has been all about the environmental impact of these digital assets these days. He even had a meeting with North American Bitcoin miners recently to discuss using renewable energy in mining, with the miners subsequently setting up Bitcoin Mining Council.

Prior to that, the vehicles company suspended accepting Bitcoin as a payment option citing environmental issues.

But in a tweet on Sunday, the billionaire crypto influencer confirmed that Tesla will resume accepting Bitcoin transactions as an alternative payment subject to miners meeting environmental standards.

His tweet also reiterates his defense of having sold 10% of the electric vehicle maker’s Bitcoin stash in Q1 and seems to indicate that the company has not sold any of the rest.

Musk’s Sunday tweet was in response to allegations that the Tesla CEO had manipulated the Bitcoin market and the SEC should investigate him. Tesla had declared that it had purchased BTC worth $1.5 billion, and by April its stash was worth $2.5 billion.

Tesla announced Bitcoin as a payment option in February, only to suspend it early May on environmental concerns. Musk halted his company’s crypto foray after criticism that the massive energy footprint of Bitcoin is bad for the planet.

It is unclear how Musk will fact check the clean energy usage of the miners, amid a widespread debate over where the industry currently stands.

But, at least, we have a direction.

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