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Elon Musk steps back in accepting bitcoin as a payment method at Tesla

The reason for this decision told Elon Musk on Twitter, seems to be because of the high consumption of energy from bitcoin mining.

On the past Tuesday 12th, May 2021, Elon Musk, CEO of the well-known electric car brand Tesla, and
aerospace company SpaceX said on its Twitter that Tesla will suspend acceptance of Bitcoin
as a form of payment, claiming the high energy consumption that is spent on mining.

It would be unthinkable to believe that Elon Musk and a company the size of Tesla, had no knowledge
of the existence of mining on the Bitcoin network.


Days before that statement on Twitter, Musk was doing a poll to see if his followers would like the idea of Tesla accepting DOGE as payment, and the outcome of that vote was yes, Tesla should accept Doge.


Where do most of the energy spent on Bitcoin mining come from?

Elon Musk, 78% energy comes from renewables

According to research conducted by CoinShares Research, 74% of the energy consumed by the Bitcoin network comes from renewable sources in Sichuan province, China. It is here, which is concentrated around 50% of Bitcoin’s global hashrate since, during the rainy season, the local hydroelectric plant produces energy in excess. It starts to distribute it at prices almost insignificant.

Read More:  Dogecoin or Bitcoin? Elon Musk asks on Twitter

At Cambridge University, another survey shows that in 2020, the Bitcoin network consumed half the energy consumed by unused household appliances worldwide, plugged in, in the United States alone.


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Disclaimer:

The information expressed in this article is solely those of the author and do not necessarily reflect the vies of CryptoDeFinance.  Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment.
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Bruno Marques

Hi! I am the CEO/Founder of Crypto DeFinance, and I am an Enthusiast crypto investor. I started this project so we can provide you with carefully curated news. If you like us and our news, share the posts and comment. Your visit and interaction is very important to us.
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