Tesla stops accepting bitcoin
In a sudden turn of events, Tesla has stopped accepting Bitcoin as a payment method for online orders for its cars. The reason for dropping Bitcoin is due to the environmental concerns around mining and processing the cryptocurrency. In a statement released on Twitter, Elon Musk announced that Tesla has suspended the use of Bitcoin as a payment method for vehicle purchases. Musk has made this decision out of concern about the increasing amounts of fossil fuels being used for both Bitcoin mining and transaction processing.
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- Elon Musk backtracks, says Tesla won't accept bitcoin
- Tesla stops accepting bitcoin as Musk decries its 'insane' energy use
- Tesla stops accepting Bitcoin for payments, pushes for more efficient mining
- Tesla stops accepting Bitcoin due to environmental impact
- Tesla stops accepting BitCoin, nearly entire cryptocurrency market hammered
- Tesla stops taking Bitcoin for vehicle purchases
Elon Musk backtracks, says Tesla won't accept bitcoin
Recently, Musk had asked his Twitter followers if Tesla should also accept Dogecoin as payment. New Delhi: Its only been two months since Elon Musk announced that Tesla will accept Bitcoin as a form of payment, becoming the first automaker to accept cryptocurrency.
But, as a shock to everyone, Musk announced on Wednesday that Tesla will not accept Bitcoin anymore citing the the large amount of fossil used to mine the crypto coin. Musk himself has has been a vocal supporter of cryptocurrencies such as Bitcoin and Dogecoin. Due to his interest the value of both of the crypto coins increased significantly.
Musk has been in the line of fire ever since his decision to accept Bitcoin in February, partially because he was seen as a crusader for protecting environment as Tesla electric cars are often mentioned as a viable alternative to fossil-fuel burning vehicles. Just a few days back, Musk had asked his Twitter followers if Tesla should also accept Dogecoin, another cryptocurrency, as a form of payment.
In the real world, the use of cryptocurrency to make payments is a complex process which also has the potential of inviting tax-related troubles. The process of mining or creating Bitcoin is itself a highly complex process as it involves high-end computers solving computational puzzles which requires a large amount of electricity.
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Tesla stops accepting bitcoin as Musk decries its 'insane' energy use
Three months after Tesla said it would begin accepting the cryptocurrency Bitcoin as payment, the electric carmaker has abruptly reversed course. Musk wrote. Musk wrote on Wednesday, referring to the process through which new Bitcoin is created. As cryptocurrencies explode in value, the amount of energy used by the digital currencies is increasingly under scrutiny.
Tesla stops accepting Bitcoin for payments, pushes for more efficient mining
Tesla stops accepting bitcoin payments. Tesla chief executive Elon Musk said the company was concerned about the rapidly increasing use of fossil fuels for bitcoin mining. Photo: AFP. Tesla hit the brakes on Wednesday on letting people pay for electric cars with bitcoin, saying the computing-intense mining process of creating new cryptocurrency spews climate-harming emissions. Musk has touted a vision of Tesla making electric cars mainstream, shifting drivers away from combustion engines that pump out emissions that contribute to climate change. In March, Tesla began officially accepting bitcoin as currency to purchase electric autos, further boosting the digital money. Tesla in February first announced a plan to accept the cryptocurrency. Musk said Tesla will not sell any of its bitcoin, and planned to eventually use the cryptocurrency when mining operations shift to more environmentally friendly energy use. Tesla's February announcement, coupled with moves by MasterCard and other mainstream companies to accept the cryptocurrency, have helped to boost bitcoin to unprecedented levels in
Tesla stops accepting Bitcoin due to environmental impact
The announcement comes only three months after the electric car retailer enabled the purchasing of vehicles with Bitcoin, driving around a 20 per cent surge in the cryptocurrency. Blocks new sets of transactions are added to the Bitcoin blockchain every 10 minutes by miners, making the network an incredibly environmentally damaging as the coin requires large amounts of processing power to create new blocks. The popular cryptocurrency has a carbon footprint the equivalent of Singapore, producing Tesla shares fell 1. However the company said it would retain the Bitcoin it previously purchased in February and plan to use it as soon as mining operations become more sustainable.
Tesla stops accepting BitCoin, nearly entire cryptocurrency market hammered
New to Shacknews? Signup for a Free Account. Elon Musk has announced that Tesla is suspending Bitcoin as a payment option over environmental concern. With Bitcoin and cryptocurrencies becoming more and more popular as of late, it was particularly fascinating when Tesla announced that it would be accepting Bitcoin as a payment method. However that change seems to have been short lived, as the company is now reversing course.
Tesla stops taking Bitcoin for vehicle purchases
Tesla CEO Elon Musk wrote on Twitter on Wednesday that the automaker would no longer accept bitcoin for payment for its cars , citing environmental reasons. Tesla had begun accepting the cryptocurrency just a few weeks prior, posting a long list of instructions and warnings about paying for cars with the cryptocurrency. The company also indicated earlier this year that it had sold about a hundred million dollars worth of the cryptocurrency, but not the majority of its bitcoin holdings. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk posted in a text image on Twitter. The move drew a mix of reactions from industry observers and cryptocurrency investors, with many pointing out that bitcoin's high energy usage—reportedly dwarfing that some fairly large countries —was well publicized even before Tesla bought any of the cryptocurrency or had decided to accept it for its cars. Many also pointed out that Elon Musk had hyped bitcoin and several other cryptocurrencies on Twitter, and showed little to no concern for bitcoin's environmental impact until the middle of this week to take any adverse action. So this is a pointless move for a lot of people as well as Tesla which bought so much of it," one cryptocurrency trader told Autoweek.
Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asia trade. Tesla shares fell 1. Tesla would retain its bitcoin holdings with the plan to use the cryptocurrency as soon as mining transitions to more sustainable energy sources, Musk said. Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on electricity generated with fossil fuels, particularly coal.
Tesla has ended its flirtation with cryptocurrencies, reversing its March 24 announcement to accept payments made in bitcoin for its electric vehicles, in an abrupt U-turn that sent the prices of the largest token tumbling on global exchanges. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. To be sure, bitcoin mining — involving long, complex mathematical calculations by powerful computers — is highly energy intensive, requiring as many as days of computing to mine a single token , according to a January calculation by South China Morning Post. Transactions, which require verifications by the blockchain, also require computing, and hence energy. The number of computers and the energy needed to power their calculations is rising, creating a positive correlation between the rising value of bitcoin to the amount of energy used in mining them.
Camila Domonoske. Musk tweeted on Wednesday that Tesla would no longer accept cryptocurrency Bitcoin for car purchases. Months after Tesla embraced Bitcoin, CEO Elon Musk said on Wednesday the auto maker would no longer accept the cryptocurrency for car purchases due to its environmental impact. Bitcoin is very energy-intensive. The "coins" are created through a process called "mining," in which powerful computers solve difficult math problems. That requires electricity — a mind-boggling amount of it.
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