Tesla Stops Accepting Bitcoin Transactions Due To Environmental Impact of Cryptocurrencies

Tesla Stops Accepting Bitcoin Transactions Due To Environmental Impact of Cryptocurrencies

Tesla will no longer accept payments in Bitcoin because of its effects on the environment. On Wednesday the company’s CEO Elon Musk  tweeted that Tesla has concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining.”  He emphasized that Tesla won’t sell its $2.5 billion worth of Bitcoin.

Why this Matters:  Musk’s statement has proven controversial, as it has affected cryptocurrency markets, which have shed as much as $365.85 billion in value since his tweet.

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Bitcoin’s Big Climate Footprint

Bitcoin’s Big Climate Footprint

CNBC Anchor Andrew Ross Sorkin, who also writes for the NY Times, was out yesterday with a thought-provoking piece about the huge amount of carbon emitted due to energy-intensive Bitcoin “mining.”  Studies show that Bitcoin’s business has a bigger carbon footprint than countries like, say, Argentina or New Zealand.  That’s not chump change when it […]

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