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Tesla chief executive Elon Musk.

Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.

Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped.

Tesla’s announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors.

The electric carmaker had in February revealed it had bought $1.5bn (£1bn) of the world’s biggest digital currency.

But on Thursday, it backtracked on its previous comments.

“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,” Mr Musk wrote.

Source: BBC Business

Date: May 14th, 2021

Link: https://www.bbc.com/news/business-57096305

Discussion

  1. What is it about bitcoining mining that uses so much electricity?
  2. What actually determines the price of a bitcoin?

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