“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” Mr. Musk wrote on Wednesday, referring to the process through which new Bitcoin is created. The price of Bitcoin dipped slightly after the announcement, according to Coindesk. Some estimates put the energy use of Bitcoin at more than the entire country of Argentina. Mr. Musk also said on Wednesday that Tesla was “looking at other cryptocurrencies” that use a fraction of the energy consumed by Bitcoin. Mr. Musk has been a promoter of Dogecoin, a cryptocurrency that started as a joke but that has exploded in value.

Source: New York Times May 13, 2021 00:22 UTC