Tesla to resume Bitcoin transactions, Elon Musk hints
Tesla CEO Elon Musk tweeted on Sunday that the electric vehicle maker would start enabling Bitcoin transactions once verified crypto mining operations utilize more renewable energy.
“When there’s confirmation of reasonable (~50 percent) clean energy usage by miners with [a] positive future trend, Tesla will resume allowing Bitcoin transactions,” he shared with his followers.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
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In the twitter thread that followed, there were those correcting Musk that Bitcoin mining is already confirmed to be over 50% clean. Others continued criticizing the ‘Dogefather‘ on his trolling.
While at the beginning of the year, Tesla became one of the first companies to accept Bitcoin payments on its own node, it stopped accepting Bitcoin for payments in May in abrupt move.
With Tesla’s former move sending Bitcoin to new all time highs in April, the latter caused Bitcoin to drop by over 40% amidst some heavy critique of the cryptocurrency by Elon Musk. Musk’s critique of Bitcoin being too energy intensive and reliant on fossil fuel brought fear to the market. Investors and traders started believing Tesla had sold off its massive Bitcoin position from its balance sheet.
This created some momentum and important questions being asked on the sustainability of Bitcoin. Amid the growing debate, miners and asset managers turned to more environmentally-conscious solutions. The Bitcoin Mining Council was founded “to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining”.
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Source: igaming
