Tesla CEO Elon Musk said the company is likely to resume accepting bitcoin as payments for electric vehicles.
Musk wants to first make sure that the percentage of “clean energy” used during mining is 50% or higher.
“I want to do a more thorough review to confirm that the percentage of renewable energy (while mining – ed.) is most likely 50% or higher, and that there is a tendency to increase this number. If so Tesla is likely to resume accepting bitcoins, “he said during a B Word conference hosted by the Crypto Council for Innovation, CNBC reports.
As a reminder, Musk announced in May that the company was suspending Bitcoin car sales given concerns about “the rapidly growing use of fossil fuels for cryptocurrency mining.”
Since then, Beijing has stepped up its crackdown on cryptocurrencies, expelling cryptominers from the country. Cambridge University data show that many PRC miners headed to the US.
The United States has some of the cheapest energy sources on the planet, which are most often renewable. Fred Thiel of Marathon Digital said that most of the miners who have moved to North America will be powered by renewables or renewable energy loans. Compass CEO Whit Gibbs has estimated that more than 50% of US bitcoin mining comes from renewable energy sources.
“Renewables will be the cheapest energy in the long run, but that won’t happen right away,” Musk said. “But as long as the mining community makes a conscious and determined, real effort to switch to renewables, it’s clear that Tesla may support it. “
Bitcoin is up more than 4% amid this news.