Elon Musk, managing director of Tesla Inc., arrives in court during the SolarCity trial in Wilmington, Delaware, USA, on Tuesday 13th July 2021.
Al Drago | Bloomberg | .
Tesla CEO Elon Musk said the company likely will start to accept bitcoin for vehicle shopping again.
“It seems like bitcoin is changing a lot more towards renewables and a lot of the heavy-duty coal-fired power plants that were used … were shut down, particularly in China, “Musk said on Wednesday at The B-Word conference, a event hosted by the Crypto Council for Innovation.
“I want to do a little bit’ more due diligence for confirm than the percentage of renewable energy usage is most likely 50% or more and that there is an increasing trend of tale number. If so, Tesla will most likely resume accepting bitcoin, “He said.
In May, Musk said on Twitter that the company would suspend vehicle shopping using bitcoin out of concern over the “rapid rise” use of fossil fuels for bitcoin extraction.”
Since then, Beijing has cracked down on crypto, expelling the country’s cryptocurrency miners, who since then they have begun to make their home elsewhere. New data from the University of Cambridge shows many miners are headed to the United States, which is now the second- the largest destination for the world’S bitcoin miners.
The United States is home to some of the cheapest sources of power on the planet, which, more often, they are renewable. Fred Thiel of Marathon Digital said most of the miners new in North America will be powered by renewable sources, or gas offset by renewable energy credits, and Compass CEO Whit Gibbs has estimated that bitcoin extraction in the United States is more over 50% powered by renewable sources.
“Long-term, renewable energy will be the cheapest energy, but it is not just happen overnight, “Musk said.” But as long as there is a conscious and determined, real effort on the part of the mine community for move towards renewables, then obviously Tesla can support that.”
Bitcoin was trading almost 8% higher on Wednesday.
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