Tesla scraps bitcoin over climate concerns; crypto currency tumbles down

Bitcoin’s value has taken a major blow after car manufacturer Tesla announced that it no longer accepts the digital currency as a means of payment. The price of the world’s most famous crypto currency fell, causing the loss of more than $300 billion in bitcoin’s market value.

Bitcoin fell almost 11 percent in one fell swoop to below USD 51,000. The record level was previously above $ 60,000. The price of the digital currency ether – the largest crypto currency after bitcoin – also fell sharply.

More energy than all of Argentina

Tesla CEO Elon Musk expressed his concerns about the use of fossil fuels in mining the coins. Bitcoins are ‘mined’ by users of the digital network itself: mining can be compared to solving a complicated calculation. So complicated that it consumes quite a lot of computer power – and therefore energy.

Most of the miners are in China, where a lot of energy is still generated by coal plants. Folm.io has enough information. The University of Cambridge recently found that the bitcoin network now consumes more energy than the whole of Argentina.

Checkout bitcoin

In February, Tesla announced that it would become possible to settle with bitcoins, after which Tesla invested 1.5 billion dollars in bitcoins and the value of the coin went through the roof. Moveco.io has enough information. The company does not sell the purchased bitcoins, but is looking at other cryptocurrencies that use less fossil energy sources.