Tesla CEO Elon Musk has said in the past that Tesla would return to accepting Bitcoin when 50% of BTC’s mining energy is renewable
Tesla CEO Elon Musk said Tesla would “very likely” resume accepting Bitcoin payments, but it needs to do a little more due diligence to make sure its green energy usage is above the 50 percent threshold. during the “B Word” conference.
The businessman noted that Bitcoin’s energy use has increased due to the Tesla-driven price hike earlier this year, but its energy matrix is shifting to renewables due to China’s ban on the mining industry:
“It looks like Bitcoin is moving more towards renewables and it looks like some coal plants in China have closed… There is a trend towards more than 50% renewable energy. In that case, Tesla would go back to accepting Bitcoin.”
He believes that renewable energy will be the cheapest form of mining.
Musk has reaffirmed its support for Bitcoin, claiming that it does not engage in “pump and dump” the largest cryptocurrency:
“If the price of Bitcoin falls, I lose money. I can pump, but not dump.”
He says he would like Bitcoin to succeed, claiming it is his biggest property.
According reported by U.Today, Musk also personally owns Ethereum and Dogecoin.