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Tuesday, Aug 03, 2021

Bitcoin Up 11% After Musk Says Tesla Will Accept It When Miners Use More Clean Energy

Bitcoin Up 11% After Musk Says Tesla Will Accept It When Miners Use More Clean Energy

SpaceX/Tesla founder and CEO Elon Musk says Tesla Inc. will resume bitcoin cryptocurrency transactions when mining is done with more clean energy.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions", Musk said on Twitter on Sunday.

According to Coindesk data, Bitcoin surged more than 11 percent after the Twitter post, up to over $39,000 on Sunday night.

This is not the first time the billionaire has made a statement causing turmoil on the cryptocurrency market.

A small toy figure and representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021.


In January, Tesla announced that it had invested $1.5 billion in Bitcoin, which resulted in a major spike of its price.

However, in May, Musk announced that he had suspended selling his Tesla electric vehicles for Bitcoins over concerns about the adverse environmental impact of mining the cryptocurrency. As a result, Bitcoin dropped at least 15 percent, plummeting even more after rumours emerged that the electric car company had sold its Bitcoin stock.

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