Bitcoin loses 6% in an hour after Tesla drops payments over carbon concerns
Bitcoin has shed nearly 6% in an hour after Tesla suspended its support for payments in BTC. The Bitcoin markets are pulling back after electric car manufacturer Tesla suspended its support for vehicle purchases using BTC.In a May 13 tweet, Tesla’s CEO Elon Musk noted the company’s concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”While Musk predicted that cryptocurrency “has a promising future,” he concluded that the rise of digital assets “cannot come at a great cot to the environment.However, the firm has not ruled out....
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Bitcoin crashes after Tesla abandons the cryptocurrency as a payment method, the crypto world criticizes Elon Musk and DOGE staves off competition from a furry rival. Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekBitcoin loses 6% in an hour after Tesla drops payments over carbon concernsAlready losing dominance in the crypto rankings as altcoins were....
Carbon offsets could be an important step in the crypto industry’s move toward carbon neutrality, although some experts see them as a pure greenwash. As global leaders discuss what needs to be done to address the concerns surrounding climate change at the COP26 summit in Glasgow, Scotland, businesses throughout the world are looking to achieve carbon neutrality. Environmental impact has been a hot topic in the crypto sector with renaming it as being a top priority.Earlier this year, electric car maker Tesla started accepting Bitcoin (BTC) payments and invested $1.5 billion in the....
Earlier this year, in what appeared to be a massive win for the crypto space, Tesla began accepting payments in Bitcoin. The move was heralded for legitimizing Bitcoin’s transactional utility beyond just a speculative asset class. But now, Tesla is backtracking its monumental decision. Tesla CEO Elon Musk took to Twitter to announce that his […]
On Friday, the bitcoin mining operation Greenidge Generation has announced that starting June 1st, the firm will be “carbon neutral” for the rest of 2021 and beyond. Greenidge’s announcement follows the recent statements from Tesla and Square after the companies cited environmental concerns over bitcoin mining. New York-based Bitcoin Miner Aims to Be Carbon Neutral by June 1st and Beyond Ever since Tesla cited environmental concerns over bitcoin (BTC) mining and told the public it would not be accepting BTC for electric cars, the topic has spread widely across social....
Elon Musk revealed that Tesla will halt all BTC transactions due to environmental concerns, with the firm set to look at more energy-efficient cryptocurrencies. On May 13, Elon Musk sent shockwaves across the crypto markets by revealing that Tesla will no longer accept any BTC payments for cars until Bitcoin mining becomes more environmentally sustainable. Musk notes that while Tesla waits for Bitcoin to move to renewable energy, the firm will be looking at “other cryptocurrencies” that use less than 1% of Bitcoin’s energy per transaction.Tesla & Bitcoin pic.twitter.com/YSswJmVZhP—....