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Tesla 'Likely' to Re-Start Accepting Bitcoin

CIO Insider Team | Thursday, 22 July, 2021
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Upon crossing past $ 30,000, Elon Musk, CEO and product architect, Tesla, said that the electric carmaker will most ‘likely’ start accepting Bitcoin as payment again. The next-generation electric carmaker had earlier declined to accept it as payment as it was concerned about the environmental impact that meant a huge depletion of electricity stemming from Bitcoin mining.

Then, some of the company’s investors and environmentalists attacked the company’s decision in hopes to make it start accepting Bitcoin again.

This issue shed light on the environmentally friendly electric vehicles being purchased with a cryptocurrency that uses a lot of energy.

Given the vast quantity of electricity required for Bitcoin mining, questions have been raised about whether the energy is derived from fossil fuels or renewable sources.

At one point, Mr.Musk also fell into criticism for being looked upon as using his fame and fortune of being one among the world’s richest people as backing up this cryptocurrency.

“Renewable energy will be the cheapest energy in the long run, but it won't happen overnight However, as long as the mining community makes a conscious and committed effort to go toward renewables, Tesla can clearly help that", Musk added

Later on, Beijing then revealed that it had expelled the country’s miners, who then fled to other countries. Then new data from Cambridge University indicated that many miners are heading to the United States, which is now the world's second-largest destination for bitcoin miners.

Along the line, Mr.Musk denoted how Bitcoin appears to be shifting towards more renewables and a bunch of heavy duty coal-plants that were once in operation, especially in China, have been shut down.

The United States has some of the world's cheapest electricity sources, which are almost always renewable. Most new miners in North America, according to Marathon Digital's Fred Thiel, will be powered by renewables or gas offset by renewable energy credits, and Compass CEO Whit Gibbs estimates that bitcoin mining in the United States is more than 50 percent powered by renewables.

The technopreneurial business tycoon had been busy investigating fossil fuel usage involved in Bitcoin mining. He expressed that he would be interested to determine whether the amount of renewable energy usage is most likely at or above 50 percent. Additionally, if there is a tendency for that number to increase, in that case he stated that Tesla will certainly resume accepting it again.

“Renewable energy will be the cheapest energy in the long run, but it won't happen overnight However, as long as the mining community makes a conscious and committed effort to go toward renewables, Tesla can clearly help that", Musk added.

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