Tesla has suspended the purchase of its cars using bitcoin due to climate change.
Elon Musk’s main aim of living his life is making the world a better place to stay and if the earth may be attacked by meteors or other pandemic then we proceed to mars. This the most dreams of the Billionaire.
“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, Cryptocurrency is a good idea… but this cannot come at great cost to the environment. Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of bitcoin’s energy/transaction.” This is what Elon Musk tweeted on May 13 2021.
Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped. Tesla’s announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors.
The electric carmaker had in February revealed it had bought $1.5bn (£1bn) of the world’s biggest digital currency. Mr. Musk has been one of the world’s highest profile proponents of cryptocurrencies, often tweeting about Bitcoin and the once-obscure digital currency Doge coin.
His tweets in recent months helped to turn Doge coin, which was started as a social media joke, into the world’s fourth-biggest cryptocurrency. Bitcoin is created by miners using high-powered computers to compete against each other to solve complex mathematical puzzles.
It is an energy-intensive process that often relies on electricity generated with fossil fuels, particularly coal. That is because those Bitcoin miners tend to use electricity produced with fossil fuels, primarily coal, for most of the year, only shifting to renewable energy, mostly hydropower, during the rainy summer months. Supporters of Bitcoin point out that the mainstream financial system, with its millions of workers and computers in air-conditioned offices, also uses large amounts of electricity, which is usually produced with fossil fuels.
