Energy

Why Elon Musk is worried about bitcoin’s environmental impact

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Elon Musk’s decision to stop Tesla from accepting bitcoin as payment has led to fresh scrutiny of the cryptocurrency’s environmental impact.

Musk said Wednesday that Tesla had halted purchases of its vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”

He alluded to data from researchers at Cambridge University which shows bitcoin’s electricity usage spiking this year.

Tesla won’t sell its bitcoin — the automaker is sitting on $2.5 billion worth of the digital coin — and Musk said it intends to resume transactions with bitcoin once mining “transitions to more sustainable energy.”

“We are also looking at other cryptocurrencies that…



Source cnbc.com

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