Tesla will accept bitcoins when miners use clean energy

Tesla CEO Elon Musk said Sunday that the company will resume bitcoin transactions once it confirms that miners make reasonable use of clean energy.

“When there is confirmation of reasonable clean energy use (~ 50%) by miners with a positive future trend, Tesla will resume bitcoin transactions.”

Musk was reacting to comments from Magda Wierzycka, CEO of South African asset manager Sygnia, who said Musk’s tweets about bitcoin prices were “market manipulation” and should have triggered an investigation by the Commission. of the United States Stock Market and Securities.

Tesla revealed in a filing with the SEC in February that it bought $ 1.5 billion in bitcoin and said it would start accepting bitcoin as a payment method for its products.

However, the electric car maker halted bitcoin car purchases in mid-May due to concerns about how cryptocurrency mining, which requires banks of powerful computers, contributes to climate change.

“We are concerned about the increasing use of fossil fuels for mining and Bitcoin transactions, especially coal, which has the worst emissions of any fuel,” Musk said in May.

Sunday, musk disputed Wierzycka’s market manipulation allegations, explaining, “Tesla sold approximately 10% of its bitcoin holdings” to confirm that BTC could be easily liquidated without moving the market, “he said. During the first quarter, Tesla sold $ 272 million in “digital assets.” which helped reduce operating losses by $ 101 million, the company disclosed in its income statement.

Musk’s comments on social media about the cryptocurrency often send prices up or down, but they appeared to have little effect on Sunday. Bitcoin was trading around $ 37,442, according to Coindesk, around 2:30 p.m. ET, an increase of more than 4% on the day.

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