Connect with us

Hi, what are you looking for?



Tesla Suspends Bitcoin Vehicle Purchases Due To Environmental Impacts Of Mining & Transactions

Earlier this year, Tesla started accepting Bitcoin as a payment option for its vehicles. That has now changed. Earlier this afternoon, Tesla’s CEO, Elon Musk, put out a statement on Twitter about Tesla and Bitcoin. He announced that Tesla suspended vehicle purchases using Bitcoin and pointed out that the increasing use of fossil fuels for mining and transactions was the reason. He also stated that Tesla was looking at other cryptocurrencies that use less than 1% of Bitcoin’s relative energy use. Oddly, right before he tweeted, I was sent one such cryptocurrency to write about and I’ll share that below. First, here’s Elon and Tesla’s full statement:

“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.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to a more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

Goodbye, Bitcoin. Photo by Chanan Bos, CleanTechnica.

This follows criticism that Elon and Tesla have received for accepting Bitcoin as a form of payment for a Tesla. CleanTechnica wrote a long piece on the extremely high environmental cost of Bitcoin in February: “Why Bitcoin Truly Is Bad For The Climate & Environment, And Counter To Tesla’s Mission.” We also wrote a deep, deep, deep dive on Bitcoin here: “How Does Bitcoin Work? What Is Bitcoin Mining? What Is Bitcoin Backed By?

Upon this announcement, many people on both sides of the coin voiced their thoughts. Feel free to voice your own down in the comments.

Will Tesla turn right or left on cryptocurrencies? Or will it just turn around? Photo by Chanan Bos, CleanTechnica.

Could Tesla Start Accepting Dogecoin?

Elon’s support of Dogecoin hasn’t gone unnoticed. In fact, I think it’s affected the price. He recently shared a poll asking folks if we wanted Tesla to accept Doge. I voted yes because I think its story of being a meme crypto with no value to being so popular and loved is unique and fun. (Disclaimer: I have shares in Tesla and a stake in Bitcoin and Doge.)

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

Johnna owns less than one share of $TSLA currently and supports Tesla's mission. She also gardens, collects interesting minerals and can be found on TikTok


You May Also Like

Clean Transport

Tesla’s stock has been popular this year, and retail investors have been no exception to this fact. With tens of billions spent on Tesla...


Lynk & Co is the #1 best selling car in the overall Dutch auto market.


Tesla officially moved its corporate headquarters from California to Texas in 2021, but in recent weeks, the automaker has debuted another new headquarters in...


Tesla’s recent Investor Day event brought with it a few announcements, including the automaker’s plans to construct a new Gigafactory in Mexico. The plant...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.