Bitcoin is still in the game of Elin musk. Elon Musk has said that Tesla will resume allowing bitcoin transactions when miners use more renewable energy.
Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding $1,817.87 to its previous close, after Musk’s tweet.
Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.
Bitcoin is still in the pocket of Elon musk.
Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmaker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend. Tesla will resume allowing Bitcoin transactions,” he said in a tweet.
He announced in May that Tesla would no longer accept bitcoin for car purchases. By and large, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency. Bitcoin fell more than 10% after his tweet.
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The billionaire said that he believed cryptocurrency has a promising future. However, it cannot be at a great cost to the environment.
In February, Tesla revealed it had bought $1.5 billion of bitcoin. Above all, I would accept it as a form of payment for cars.
The energy used to produce bitcoin alone is equivalent to the annual carbon footprint of Argentina, according to Cambridge Bitcoin Electricity Consumption Index, a tool from researchers at Cambridge University that measures the currency’s energy use.
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Bitcoin mining – the process in which a bitcoin is awarded to a computer that solves a complex series of algorithms – is a deeply energy-intensive process. Because there is a finite number of bitcoins that they can mine – 21m – computers have to solve harder and harder algorithms to get bitcoin. The special equipment and intense processing power use a lot of electricity – as much as some entire countries.
The Bottom Line
The Tesla and SpaceX CEO received threats from hacker group Anonymous for his tweets on cryptocurrency. Anonymous had stated that his tweets on cryptocurrency show “complete disregard for an average working person”.
In their new video, the hacker group also blamed Musk for mocking hardworking people with his memes from his multi-dollar mansion. The hacker group had also elaborated on Musk’s alleged wrongdoings and claimed that the former has emerged as a match for Elon Musk as the ‘smartest person.’