Musk said that once the environmental protection rate of mining reaches 50%, Tesla will resume using Bitcoin for payment

Musk said that once the environmental protection rate of mining reaches 50%, Tesla will resume using Bitcoin for payment
Tesla CEO Elon Musk tweeted on Sunday that Tesla will resume accepting Bitcoin as a payment method once Bitcoin mining can achieve 50% greenness.
  • In mid-May, Musk stopped Tesla's months-long acceptance of Bitcoin payments due to environmental concerns. But he said on Twitter: "When it is confirmed that miners are using clean energy reasonably (about 50%) and the future trend is positive, Tesla will resume allowing Bitcoin transactions."

  • It’s unclear how Musk will verify the miners’ clean energy use amid widespread debate in the industry. Even so, the comments provide the first benchmark for Tesla’s resumption of bitcoin payments.

  • Musk's tweet also reiterated his defense that 10% of Tesla's Bitcoin reserves were sold in the first quarter, and seemed to indicate that the company had not sold any more Bitcoin.

  • Musk's tweet may have boosted the price of Bitcoin, which began to rise sharply about an hour after the tweet was sent. The subsequent market conditions also saw good gains.

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