Sunday, June 20

Tesla stops accepting Bitcoin as payment for its cars.


Three months after Tesla said it would begin accepting the cryptocurrency Bitcoin as payment, the electric carmaker has abruptly reversed course.

In a message posted to Twitter on Wednesday, Elon Musk, Tesla’s chief executive, said Tesla had suspended accepting Bitcoin because of concern about the energy consumed by computers crunching the calculations that underpin the currency.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment,” Mr. Musk wrote. “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.”

Earlier this year, Tesla announced that it had purchased $1.5 billion worth of Bitcoin and Mr. Musk trumpeted the company’s plan to accept the currency. Tesla later sold about $300 million of its Bitcoin holdings, proceeds that padded its bottom line in the first quarter.





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