Tesla Ditches Bitcoin Payments Over Environmental Concerns

Tesla CEO Elon Musk announced on Wednesday that the company will no longer accept Bitcoin as payment for its electric vehicles. This decision comes after Tesla bought $1.5 billion worth of the cryptocurrency earlier this year.

Musk cited the 'great cost to the environment' of Bitcoin mining as the reason for the change in policy. According to environmental group Sierra Club, Bitcoin mining produces as much carbon dioxide each year as New Zealand, and could raise the world's temperature by two degrees Celsius over the next 30 years.

However, Musk also stated that Tesla will not sell its existing $1.5 billion worth of Bitcoin until Bitcoin mining uses more sustainable energy. The company is interested in finding more energy-efficient cryptocurrencies, but did not specify any particular coins.