Tesla suspends Bitcoin use. Here’s how mining cryptocurrency affects the climate

Tesla CEO Elon Musk, in what can only be called a sudden “U-turn”, announced late on Wednesday that he was reversing course on the decision to use Bitcoin as an acceptable form of payment for the purchase of vehicles. Citing climate change concerns, Musk declared that the electric vehicle manufacturer is suspending purchases with the cryptocurrency, sending its rates down a free fall.

Elon Musk, the chief executive officer of Tesla, took to his official Twitter handle to post a statement: “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.”