Elon Musk’s Tesla Inc. suspends the use of Bitcoin for the purchase of electric vehicles. Elon musk announced the suspension of payment through bitcoin via Twitter concerning over environmental impact of bitcoin mining. Tesla started accepting Bitcoin payments for its cars in March of this year.
A large amount of electricity utilized to mine Bitcoin, which generated through damaging fossil fuels like coal that damages the environment. Musk said he backed that concern, especially the use of “Coal which has the worst emission of any fuel.”
Tesla says that it “will not be selling bitcoin” has already sold a coin it purchased earlier this year for $1.5 billion. And also said it would acquire and hold digital asset from time to time or long term”.
For generating this digital currencies have their own regulation. It has been created when high-powered computers compete against other machines to solve complex mathematical puzzles. The process currently relies on electricity generated with fossil fuel particularly coal.
Elon musk for long has been an extremely vocal supporter of cryptocurrency. His other company SpaceX announced that it will launch a satellite funded completely by cryptocurrency DogeCoin to the Moon next year.
