Tesla has stopped accepting Bitcoin to purchase its vehicles, announced firm’s owner Elon Musk on Twitter on Thursday.
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” read the 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,” it added.
Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.
“We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction,” it added.
In March earlier this year, the US-based electric vehicles manufacturer Tesla has announced to accept Bitcoin, a cryptocurrency invented in 2008, as payment to buy its cars.
Tesla Inc chief Elon Musk on Wednesday took to Twitter and wrote, “You can now buy a Tesla with bitcoin.”
“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” he said, adding: “Tesla is using only internal & open source software & operates Bitcoin nodes directly”.
Tesla is using only internal & open source software & operates Bitcoin nodes directly.
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
— Elon Musk (@elonmusk) March 24, 2021
Musk further said that the service is currently available in the US and it will be extended to other countries later this year.