Elon Musk, the billionaire at the head of Tesla Inc., said that Bitcoin mining is “moving towards renewable energy” and that his company will likely resume accepting cryptocurrency as a form of payment for its cars. electric.
Tesla suspended purchases using Bitcoin in May over concerns over the use of fossil fuels in mining, triggering a decline in digital currency.
“Power generation is not expected to be pure as snow, but it cannot use the dirtiest coal in the world,” Musk said at “The B Word” conference hosted by the Crypto Council for Innovation.
Hydropower, geothermal and nuclear are all good sources of power for Bitcoin mining, Musk said, adding that once he confirms that mining uses 50% or more of renewable energy, Tesla will resume accepting cryptocurrency.
Jack Dorsey, CEO of Twitter Inc. and Square Inc., and Cathie Wood, Head of Ark Investment Management, also spoke about the carbon footprint of digital currency. Dorsey said Bitcoin encourages innovation in the energy sector, citing a company that converts flared natural gas into electricity to power mining platforms.
“I think Bitcoin will be much more environmentally friendly” than gold mining or the existing financial sector, Wood said, adding, “In many ways it already is.”
Tesla could accept Bitcoin again
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