Tesla announced it would accept Bitcoin as payment in March so why has it drastically changed its decision?
For some background Back in March, Tesla made a big hurrah about it's love of bitcoin. Back then, the company announced that it was:
But after a whole lot of fanfare, Tesla has backtracked because the company is concerned about the environmental impact of bitcoin.
Tesla will only re-introduce bitcoin when bitcoin mining transitions to more sustainable energy. The price of the cryptocurrency promptly tumbled by nearly 17%.
Bitcoin is terrible for the environment as it requires a heap of computer power to process bitcoin transactions (called bitcoin mining)
In fact, bitcoin supposedly consumes more electricity than the entire country of Argentina (and its 45 million people).
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