Tesla CEO Elon Musk has announced he will stop taking bitcoin for vehicle purchases or selling the cryptocurrency until mining procedures transition to “more sustainable energy” than coal or fossil fuels.
“We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk tweeted on Wednesday evening.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
Tesla doesn’t intend to sell any of the bitcoin it currently holds, however, but will hold on to it until “mining transitions to more sustainable energy,” and is looking at other cryptocurrencies that use “<1% of bitcoin’s energy/transaction.”
That last metric might be a hint Musk is considering dogecoin, a meme currency he recently embraced – and even hawked on Saturday Night Live in his guest host appearance last weekend.