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Tesla stops accepting Bitcoin for payments, pushes for more efficient mining

Elon Musk has announced that Tesla is suspending Bitcoin as a payment option over environmental concern.
Donovan Erskine
Donovan Erskine
2

With Bitcoin and cryptocurrencies becoming more and more popular as of late, it was particularly fascinating when Tesla announced that it would be accepting Bitcoin as a payment method. However that change seems to have been short lived, as the company is now reversing course. Elon Musk has announced that Tesla will cease to accept Bitcoin for the time being, citing environmental concerns.

It was on May 12 that Elon Musk took to Twitter to make the announcement about Tesla no longer accepting Bitcoin. “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,” Musk said in a statement. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” he continued. This all comes just months after Musk shared the news that Tesla would begin to accept Bitcoin as a method of payment.

This statement echoes a longtime concern over the logistics of cryptocurrencies - its environmental impact. Of course, those who closely follow Musk and Tesla have been speculating that the company will soon add Dogecoin to its list of accepted currencies. It’s unclear how the Bitcoin news will impact that possibility. Musk does end his statement by saying “we are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

It will be interesting to see how this news not only impacts Bitcoin, but Cryptocurrency as a whole. For more on Tesla and the latest from Elon Musk, we’ve got you covered right here on Shacknews.

News Editor
News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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  • Shacknews legacy 10 years legacy 20 years
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    May 12, 2021 4:15 PM

    Donovan Erskine posted a new article, Tesla stops accepting Bitcoin for payments, pushes for more efficient mining

    • Vera8298
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