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Tesla suspends use of bitcoin over ‘rapidly increasing use of fossil fuels’

by Cynthia Morel, May 17
1 minute read

Tesla has suspended the auto giant’s use of bitcoin just months after announcing it would accept the digital currency as payment for its cars, citing concerns over its huge carbon footprint.

black Tesla steering wheel

So what?

Bitcoin saw its value fall almost 17 per cent on the news. Some estimates have warned bitcoin’s carbon footprint is already comparable with that of the whole of New Zealand and digital currency emissions are continuing to grow fast as they rely on data centres powered using fossil fuels. Tesla’s move could increase pressure on the bitcoin market to switch towards renewable power.

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