Musk slams Bitcoin s insane power usage
2021-05-14 HKT 04:44 Share this story
Tesla boss Elon Musk has changed his stance on bitcoin. Critics have expressed concern about the energy-intensive process in which bitcoin is created. File photo: AP Tesla boss Elon Musk on Thursday denounced the insane amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.
Musk, one of bitcoin s most ardent backers, tweeted a graph of Bitcoin s power consumption and said: Energy usage trend over past few months is insane.
That followed his tweet from Wednesday saying Tesla would no longer accept the cryptocurrency as payment for its electric cars because it came at a great cost to the environment, an about-face from his stance in March.
PALO ALTO: Tesla has suspended the use of bitcoin to purchase its vehicles because of climate concerns, chief executive officer Elon Musk said in a tweet on Wednesday, reversing the company s stance in the face of an outcry from some environmentalists and investors.
Bitcoin, the world s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669. Tesla revealed in February it had bought $1.5 billion of bitcoin, before it began accepting it as payment for cars in March, driving a roughly 20% surge in the world s most widely held cryptocurrency.
Musk on Wednesday said Tesla would not sell any bitcoin, and intends to use bitcoin for transactions as soon as mining transitions to more sustainable energy.
Musk suspends Tesla purchases using bitcoin, citing climate concerns
May 13, 2021 9:26 AM PHT
Reuters
Tesla Inc has suspended the use of bitcoin to purchase its vehicles because of climate concerns, chief executive officer Elon Musk said in a tweet on Wednesday, reversing the company s stance in the face of an outcry from some environmentalists and investors.
Bitcoin, the world s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669. Tesla Inc revealed in February it had bought $1.5 billion of bitcoin, before it began accepting it as payment for cars in March, driving a roughly 20% surge in the world s most widely held cryptocurrency.
News
Allocating capital to Bitcoin risks a backlash from environmentally conscious investors, according to author and co-anchor of CNBC s
Squawk Box, Andrew Ross Sorkin.
In a piece for the International New York Times, syndicated worldwide, Sorkin pointed to statements by Lawrence Fink, CEO of Black Rock â the largest asset managers in the world â indicating his company would make all future investment decisions based on âhow they plan to meet the climate challenge.â
Teslaâs $TSLA recent bet on bitcoin sullies its green credentials. Mining and transacting the cryptocurrency requires huge amounts of computing power and electricity, much of it from fossil fuels #btc#evpic.twitter.com/lv0pvossdrâ Michael A. Gayed, CFA (@leadlagreport) February 21, 2021
8 Min Read
LONDON (Reuters) - Tesla boss Elon Musk is a poster child of low-carbon technology. Yet the electric carmaker’s backing of bitcoin this week could turbo-charge global use of a currency that’s estimated to cause more pollution than a small country every year.
FILE PHOTO: Elon Musk, chairman of SolarCity and CEO of Tesla Motors, speaks at SolarCity s Inside Energy Summit in Manhattan, New York, October 2, 2015. REUTERS/Rashid Umar Abbasi/File Photo
Tesla Inc revealed on Monday it had bought $1.5 billion of bitcoin and would soon accept it as payment for cars, sending the price of the cryptocurrency though the roof.