Categories: Tech

Tesla Backs Down And Stops Accepting Bitcoin Payments | Voice Of America

WASHINGTON DC – US company Tesla will stop accepting bitcoin payments due to concerns about the impact of climate change, the company’s CEO Elon Musk wrote on Twitter. The value of bitcoin fell 10% after Musk announced his decision. Tesla had started accepting bitcoin for payments only two months ago, when it revealed in February that it had bought $ 1.5 billion worth of cryptocurrency. “We are concerned about rapidly increasing the use of bitcoin mining and transaction fuels, especially coal, which has the worst emissions of all fuels,” wrote

Musk in a text posted on Twitter. The value of Bitcoin reaches new all-time high The rise of the digital currency started at the end of last year and has continued, exceeding $ 50,000 per unit. Musk clarified however that Tesla will not sell the bitcoins it has and that it plans to use them “for transactions as soon as mining transitions to more sustainable energy.” Bitcoin is created when high-powered computers compete with other machines to solve complex mathematical puzzles, an energy-intensive process that today often relies on electricity generated from fossil fuels, particularly coal. At the current rate, such bitcoin “mining” consumes roughly the same amount of energy annually as the Netherlands in 2019, the latest data available from the University of Cambridge and the International Energy Agency shows. Connect with the Voice of America! Subscribe to our YouTube channel and activate notifications; or, follow us on social networks: Facebook, Twitter
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