Tesla Is No Longer Accepting Bitcoin As Payment, Here’s Why
Not too long after first beginning to accept Bitcoin as a payment method for its cars, Tesla has now stopped doing exactly that.
Anyone checking out when buying a new Tesla as of now only has the option to pay with card unless leasing or taking out a loan.
The move comes after Musk floated the idea of accepting Dogecoin on Twitter, but he has now confirmed that the backtrack on Bitcoin is due to the energy consumption associated with Bitcoin mining. Mining of Bitcoin has long been a concern for environmentalists, with huge operations drawing equally huge amounts of power. Power that’s often generated by the burning of fossil fuels.
“Tesla has suspended vehicle purchases using Bitcoin. 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 on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
Musk also tweeted a graph showing an increase in energy usage over the past few months, let alone the last few years.
There’s no telling whether we can expect Musk and Tesla to reverse its decision – again – but there’s no denying this is a move that has been well received so far.