WASHINGTON (Sputnik) – Tesla will likely begin accepting again Bitcoin as a payment method for the electric cars it sells, Chief Executive Elon Musk said but added that he was awaiting due diligence on the amount of renewable energy that is needed to mine the cryptocurrency.
“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin. Most likely the answer is that Tesla would resume accepting bitcoin,” Musk said at the ‘B Word’ conference on Wednesday.
Musk’s remarks that he was open to re-accepting Bitcoin reverses Tesla’s announcement in May that the cryptocurrency cannot be used to purchase its products.
The electric carmaker’s decision then was seen as appeasing some of its more environmentally-conscious investors who had been critical about how Bitcoin was mined using huge amounts of electricity generated from oil fossil fuels. Musk’s comment about Bitcoin utilizing more renewable energies also appeared to be a nod in this direction, as an increasing number of cryptocurrency miners start diversifying toward green energy.