Elon Musk goes back on taking bitcoin for Tesla cars, cites climate concerns
Bitcoin, the world s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669
Reuters | May 13, 2021 | Updated 08:17 IST
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.
China s Coal Standoff Causes Power Shortages, Chinese Bitcoin Miners Heavily Affected
Regional reports from China detail that bitcoin miners located in certain areas in South China are running short on electricity. The country has been having massive issues with coal prices soaring across the mainland, as the Chinese government hasn’t been allowing coal carriers into ports. Because of the sweeping electrical shortages, mining activities have been threatened by emergency power rationing measures. A team member from the Cambridge Centre for Alternative Finance (CCAF) explained to news.Bitcoin.com that the CBECI map is not up-to-date and will be updated in 2021. Estimates from Bitooda show the concentration of hashrate in China maybe 50% or less.