Musk: Tesla to accept Bitcoin when miners use more clean energy

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FILED - April 21, 2020, Hangzhou, Hangzhou, China: ZhejiangCHINA-Customers buy electric cars at a tesla store in hangzhou, east China's zhejiang province, April 21, 2020...On the same day, tesla began to broadcast live activities on an e-commerce platform for eight days in a row. During the broadcast, tesla will give out rights such as children's electric car, 48-hour test drive right of Model 3 and charging coupon. This is tesla's latest move after it announced last week that it would open an official flagship store in a Chinese e-commerce platform...It is understood that due to the impact of COVID 19 epidemic on offline consumption, tesla has maintained the popularity with users through online live broadcasting since February this year. Some auto industry experts said that at present, the global enterprise digitization process is accelerating comprehensively, tesla cooperated with the third-party e-commerce platform, which will increase tesla's touch points in the e-commerce digital market. (Credit Image: © SIPA Asia via ZUMA Wire Photo: Longwei/SIPA Asia via ZUMA Wire/dpa
FILED - April 21, 2020, Hangzhou, Hangzhou, China: ZhejiangCHINA-Customers buy electric cars at a tesla store in hangzhou, east China's zhejiang province, April 21, 2020...On the same day, tesla began to broadcast live activities on an e-commerce platform for eight days in a row. During the broadcast, tesla will give out rights such as children's electric car, 48-hour test drive right of Model 3 and charging coupon. This is tesla's latest move after it announced last week that it would open an official flagship store in a Chinese e-commerce platform...It is understood that due to the impact of COVID 19 epidemic on offline consumption, tesla has maintained the popularity with users through online live broadcasting since February this year. Some auto industry experts said that at present, the global enterprise digitization process is accelerating comprehensively, tesla cooperated with the third-party e-commerce platform, which will increase tesla's touch points in the e-commerce digital market. (Credit Image: © SIPA Asia via ZUMA Wire Photo: Longwei/SIPA Asia via ZUMA Wire/dpa

Tesla will only accept Bitcoin payments again if the cryptocurrency significantly cleans up its production processes to reduce environmental damage, according to the Company Chief, Elon Musk.

Around 50 per cent clean energy usage in Bitcoin production would be an acceptable benchmark, Musk tweeted on Sunday.

Bitcoin is generated through complex computing processes that require huge amounts of electricity. Cryptocurrencies have drawn criticism from climate advocates for this reason.

Musk and Tesla have made several announcements about Bitcoin in recent months that have caused the value of the currency to fluctuate.

First the firm announced it had invested some 1.5 billion dollars in Bitcoin and would soon allow customers to pay for their Tesla cars using the digital currency.

Bitcoin was introduced as a payment option in March, but put on hold again after less than two months, with Musk citing Bitcoin’s poor environmental record.

Musk rejected accusations that he was manipulating Bitcoin’s price with the frequent changes of course.

Musk said Tesla had sold around 10 per cent of its Bitcoin holdings to prove they could be dumped without significantly shifting the cryptocurrency’s price.

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