Although Tesla is suspending Bitcoin as a payment option, company CEO Elon Musk said his company is looking at other cryptocurrencies as an alternative.
(Photo by Britta Pedersen-Pool/Getty Images) Tesla CEO Elon Musk is hitting the brakes on accepting Bitcoin to buy the company’s electric cars. The reason: Bitcoin mining is too reliant on using energy from fossil fuels. On Wednesday, Musk announced the news almost two months after Tesla began accepting the cryptocurrency as a payment option. Although he’s still a supporter of Bitcoin, he’s decided to hit pause on accepting it until the mining migrates to clean energy sources. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” he wrote.
