After conducting due diligence on the improvements in the energy mix used to mine the cryptocurrency, Elon Musk indicated that Tesla will "very likely" resume accepting Bitcoin payments.
Tesla has been digging into the cryptocurrency sector at various levels over the last year. Tesla invested $1.5 billion on Bitcoin earlier this year.
Shortly after, the automaker started taking Bitcoin as a form of payment for new vehicles.
Elon Musk, Tesla's CEO, later mentioned the possibility of the company accepting Dogecoin as payment for its vehicles.
Tesla, on the other hand, took a step back with cryptocurrency by deleting the Bitcoin payment option a few days later.
The business expressed concern about the Bitcoin network's energy requirements:
Tesla has put a halt to Bitcoin-based vehicle purchases. We're concerned about the rapidly growing use of fossil fuels for Bitcoin mining and transactions, particularly coal, which emits the most pollution of any fuel.
This was a concern expressed by many Tesla community members when the business initially disclosed its Bitcoin investment, and many were upset that the firm hadn't considered it before.
Tesla stated at the time that they were not selling their Bitcoin holdings and that they intended to resume accepting Bitcoin payments once the network had a higher renewable energy mix.
Musk said today at the B Word conference that there have already been improvements and that Tesla will conduct further due diligence to check, but that he expects the carmaker to resume taking cryptocurrency payments:
I wanted to double-check that the percentage of renewable energy usage is at or over 50%, that there is a tendency toward increasing that number, and that Tesla would continue taking bitcoin if that was the case. Tesla would most likely resume taking bitcoin as payment.
The CEO also acknowledged that, in addition to Tesla's investment, he has a sizable personal bitcoin position, as well as lesser Ethereum and Dogecoin holdings.
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