Monday , July 26 2021

Elon Musk: Tesla is likely to start accepting bitcoins again latest news

Tesla CEO Elon Musk said the company is likely to start accepting bitcoins again to buy cars.

“Bitcoin seems to be moving a lot towards renewable energy, and several heavy coal plants that used … have shut down, especially in China,” Musk said at a B-Word conference on Wednesday (July 21st).

“I want to do more due diligence to make sure that the percentage of renewable energy use is likely to be 50% or higher, and that there is a tendency to increase that amount, if so, then Tesla is likely to resume accepting cryptocurrency.”

In May, Musk said on Twitter that the company would stop buying vehicles using bitcoins for fear of “a rapid increase in the use of fossil fuels for mining.”

Since then, Beijing has dealt with cryptocurrencies, expelling the country’s miners, who have since started doing business elsewhere.

New data from the University of Cambridge show that many miners are heading to the United States, which is now the second largest destination for bitcoin miners in the world.

The United States has some of the cheapest energy sources on the planet, which can often be renewed.

Fred Teal of Marathon Digital said most new miners in North America would receive energy from renewable energy sources or offset gas from renewable energy sources, and Compass CEO Whit Gibbs estimated that bitcoin mining in the United States provided more than 50% of renewable energy sources. .

“Long-term renewable energy will be the cheapest energy source, but it doesn’t happen overnight, but as long as the mining community’s conscious and determined efforts move toward renewable energy, it’s clear that Tesla can support it,” Musk said. .

Cryptocurrency today rose in trading by about 8%.

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