Tesla Will Accept BTC Payments Again

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Elon Musk, CEO of electric car maker Tesla, tweeted yesterday that the company will start accepting BTC again as a means of payment when 50% of the miners go green. In particular, Musk said:

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

The announcement comes after the company halted Bitcoin payments due to the environmental concerns about mining. As we know, Bitcoin mining requires a lot of energy since the crypto’s network is based on the proof-of-work consensus algorithm, in which miners must use very powerful GPUs or dedicated mining devices to solve complex mathematical problems, which results in a high energy consumption.

The fact that Tesla will resume BTC payments in the future might be behind the recent rebound in the price of the crypto, which is approaching $40,000 today.

In addition, Musk has also said Tesla sold in Q1 10% of its investment in the crypto, but nothing else.