Good news for the bitcoin holders out there as Tesla’s CEO Elon Musk just said that the company could start accepting bitcoin transactions but there’s a catch. Unless you’ve been living under a rock, you would remember that Tesla started accepting bitcoin as a viable payment for their cars at the start of this year only to change their decisions when the environmental concerns behind bitcoin mining came to light.
This decision affected bitcoin heavily and then China started cracking down on bitcoin mining and even Iran had to ban mining in the summer months due to the increased energy usage. So bitcoin’s had a tough year coupled with Musk’s constant troll tweets that spread chaos among investors. However, things are finally starting to look up for the crypto-coin.
Musk just tweeted saying that Tesla will start allowing bitcoin transactions as soon as a clean energy alternative is found for mining the currency. Many scientists around the world are expressing their concerns for the same thing. The energy cost is just too much as mining requires high levels of computing power, which solves mathematical puzzles to earn new coins. You can view Musk’s tweet below.
This means Tesla still has some bitcoins for rainy days but why would Musk troll the market with his tweets when his own company has bitcoins. Well, you can’t really understand the techno king. El Salvador has also accepted bitcoin as a legal tender making it the first nation to do so.
They are now trying to mine the currency using geothermal energy from their volcanoes so this might be the first step to the clean energy Tesla is waiting for to start accepting bitcoin transactions again.