Elon Musk, the billionaire head of Tesla Inc., said Bitcoin mining is \u201cshifting towards renewable energy\u201d and his company will likely resume accepting the cryptocurrency as payment for its electric cars.<\/p>\n
Tesla suspended purchases using Bitcoin in May on concerns about fossil fuel use in mining, triggering a slide in the digital currency.<\/p>\n
\u201cThe expectation is not that energy production is pure as the driven snow, but it can\u2019t be using the world\u2019s dirtiest coal,\u201d Musk said at \u201cThe B Word\u201d conference hosted by the Crypto Council for Innovation.<\/p>\n
Hydropower, geothermal and nuclear are all good energy sources for Bitcoin mining, Musk said, adding that once he confirms mining uses 50% or more renewable energy, Tesla will start accepting the cryptocurrency again.<\/p>\n
Jack Dorsey, chief executive officer of Twitter Inc. and Square Inc., and Cathie Wood, head of Ark Investment Management, also spoke about the digital currency\u2019s carbon footprint. Dorsey said Bitcoin is encouraging innovation in the energy sector, citing a company that converts flared natural gas into electricity to power mining rigs.<\/p>\n
\u201cI do believe that Bitcoin will be much more environmentally friendly\u201d than gold mining or the existing financial sector, said Wood, adding, \u201cIn many ways it already is.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Elon Musk said Bitcoin mining is \u201cshifting towards renewable energy\u201d and his company will likely resume accepting the cryptocurrency as payment for its electric cars.<\/p>\n","protected":false},"author":341034,"featured_media":389544,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,11373,20719],"class_list":["post-406984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-elon-musk","tag-tesla"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/406984"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=406984"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/406984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/389544"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=406984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=406984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=406984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}