Categories: News

Tesla has been accepting bitcoins since March. And now suddenly not anymore …

Sometime in March, Tesla became the first automaker in the world to start accepting bitcoin. In other words: if you wanted to buy a Tesla, you could also pay with the virtual currency. But now all of a sudden that is over again. In a statement, Elon Musk says he is concerned about the CO2 emissions of bitcoins.

It’s crazy that Tesla is only now at the back here

That in itself is not surprising. But it is strange that those concerns are now surfacing. As said: Tesla invested around 1.5 billion dollars in bitcoins earlier this year and also saw payment via cryptocurrency. And that while the issue of bitcoins emissions has been known for much longer.

Power-guzzling computers mine bitcoin

Bitcoins must be ‘mined’. Not with a pickaxe and hammer, but with computers. Thousands of them are busy solving complicated math problems and turning them into bitcoins minen. The power consumption of all those computers is also increasing, because it takes more and more computing power to find new bitcoins.

Just as much electricity per year as Italy

Chinese researchers have estimated that mining bitcoins will cost around 300 terawatt hours of electricity by 2024. That is more than Italy and Saudi Arabia consumed in 2016. If bitcoin were a country, it would rank twelfth in the global power consumer rankings.

Elon Musk does keep investing in bitcoin

Either way, this has been known for years. And there’s no way Elon Musk will find out about this until now. Plus, it’s a bit hypocritical. Payments with bitcoins will be stopped, but the $ 1.5 billion that Tesla has invested in bitcoins will remain unchanged. In April, the manufacturer sold 10 percent of its crypto coins, generating a profit of $ 100 million.

Recent Posts

Toto Wolff: “What happened to Red Bull and Ferrari after years of dominance was not the same”

Has Mercedes fallen so far behind Red Bull and Ferrari that it will not be…

1 hour ago

Max Verstappen dethrones Lewis Hamilton as the new big earner in Formula 1

Max Verstappen and girlfriend Kelly Piquet — © Red Bull Content PoolNo longer Lewis Hamilton,…

2 hours ago

Gas stations are turning into lunch spots and I hate it

Do you recognize this annoyance? After filling the tank you want to pay quickly, there…

2 hours ago

Helmut Marko: “I can leave Red Bull at any time”

Helmut Marko will turn 80 in a few months. Marko has long passed retirement age,…

15 hours ago

Kevin Magnussen: “My two F1 comebacks prove that Mick Schumacher can keep hoping”

According to Kevin Magnussen, Mick Schumacher should not give up his F1 dream just yet.…

16 hours ago

Lando Norris is not satisfied: “Only one podium finish in 2022, that’s not good enough”

Last season Lando Norris finished seventh in the drivers' championship, it was his second best…

18 hours ago

This website uses cookies.