- Tesla CEO Elon Musk said Wednesday that the company may allow car buyers to pay with bitcoin once it becomes more comfortable with its energy use.
- Musk wants to confirm that the percentage of renewable energy is near or above 50 percent and the trend is increasing.
- Technical exec confirms he personally owns bitcoin, dogecoin and ethereum
- Musk also said SpaceX owns bitcoin, but did not disclose how much.
- Wednesday’s comments are a repeat of what Musk said in June
- In May, Tesla said it would no longer accept bitcoin for purchase, citing environmental concerns.
- In February, Tesla revealed that it had bought $1.5 billion worth of bitcoin.
After halting purchases with bitcoin earlier this year, Tesla CEO Elon Musk reiterated on Wednesday that electric vehicle makers could begin allowing car buyers to pay with cryptocurrencies when tech execs are able to track their energy use. be more comfortable with.
Musk, 50, told The B on Wednesday, “It looks like bitcoin is shifting heavily toward renewable energy and a bunch of heavy-duty coal plants that were being used… have been shut down. especially in China.” Word Conference, a cryptocurrency event attended by Twitter and Square CEO Jack Dorsey and Arch Invest CEO/CIO Kathy Wood.
Tesla CEO Elon Musk said on Wednesday that electric vehicle makers may allow car buyers to pay with bitcoin once they become more comfortable with its energy use. Musk wants to confirm that the percentage of renewable energy is near or above 50 percent and the trend is increasing.
Musk said he would like to confirm whether the percentage of renewable energy is close to or above 50 percent and if the trend continues, ‘Tesla will most likely resume accepting bitcoin.’
During the lengthy conversation, Musk also confirmed that in addition to owning shares in companies he founded – Tesla, SpaceX, Neuralink and The Boring Company – he also owns bitcoin, Dogecoin and Ethereum.
Musk confirmed that he owns Bitcoin, Dogecoin and Ethereum. Bitcoin price surged nearly 8% to over $32,000 based on news, but was recently trading at $31,678.71
According to Coindesk, the price of bitcoin surged nearly 8% to over $32,000 based on the news, but was recently trading at $31,678.71 late Wednesday.
Ethereum also gained around 12% after this revelation. Most recently, it had risen nearly 8 percent to $1,939.18 per coin.
Ethereum also gained around 12% after this revelation. Recently, it rose almost 8% to $1,939.18 per coin
environmental impact of bitcoin
Earlier this year, billionaire Microsoft co-founder Bill Gates highlighted the negative impact mining bitcoin can have on the environment.
“Bitcoin uses more electricity per transaction than any other method known to mankind,” Gates said. the new York Times. ‘It’s not a great climate thing.’
Cryptocurrency is ‘mined’ by high-powered computers that continuously solve computational math puzzles, the complexity of which means that processors require large amounts of energy.
Currently fossil fuels are the primary source of electricity for many of these mining farms, via the national grid.
A 2018 study published in Nature found that giant farms of computers used to mine bitcoin produced enough greenhouse gases to raise global temperatures by 3.6 °F (2 °C) in less than three decades. can do.
Studies have shown that annual carbon emissions from electricity generated to mine and process cryptocurrencies are equal to the amount emitted by countries as a whole, including New Zealand and Argentina.
There are calls and some efforts to switch to full renewable electricity generation for these facilities.
Musk also said that SpaceX owns bitcoin, but did not disclose how much cryptocurrency the Space Exploration Company owned.
Like other cryptocurrencies including Ethereum and the aforementioned Dogecoin, Bitcoin is not yet widely accepted for commerce in major economies, hampered by its volatility and relatively expensive and slow processing times.
During Wednesday’s conversation, Musk said that ‘Bitcoin by itself cannot scale to replace the world’s monetary system at the base level. But with the second layer, it is possible, depending on how it is applied.
Musk’s remarks are a repeat of what he said in June, when the world’s second-richest man tweeted that Tesla would start taking bitcoin payments for cars when miners could ensure ‘reasonable clean energy use’.
“Tesla will begin allowing bitcoin transactions when reasonable (~50%) clean energy use by miners is confirmed with a positive future trend,” Musk tweeted on June 13.
Musk announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-running environmental concerns leading to a sharp reversal of the company’s position on the cryptocurrency.
Musk tweeted in May that Tesla “will not sell any bitcoins” and that “has not sold any bitcoins.”
Technical execs took issue with the enormous computing power required to process bitcoin transactions, and posted messages lamented the breakup with bitcoin.
Tesla shares are down nearly 30 percent since it disclosed in February that it had bought $1.5 billion worth of bitcoin.
Bitcoin, the world’s most popular cryptocurrency, was launched in 2009.
In May, Tesla said it would no longer accept bitcoin for purchase, citing environmental concerns. In February, Tesla revealed that it had purchased $1.5 billion worth of bitcoin.
According to billionaire Microsoft co-founder Bill Gates, the problem with bitcoin is the energy involved in mining new coins and verifying existing value.
It uses more electricity per transaction than any other method or currency known to humanity due to the way it is mined by high powered computers.
Machines constantly solve math puzzles that require fast, expensive processors that use…