Musk: Tesla Likely to Resume Bitcoin Payment System

Tesla buyers will be able to pay using bitcoin once 50% of mining energy comes from renewables, Musk said Wednesday.


Blockworks exclusive art by Axel Rangel


key takeaways

  • Elon Musk said that Tesla will likely resume accepting payments in bitcoin when 50% of mining energy comes from renewable sources
  • Musk admitted he owns bitcoin and hopes to see the digital currency succeed

Tesla CEO Elon Musk assured cryptocurrency fans that the electric vehicle company is likely to resume accepting bitcoin as a payment method if bitcoin mining’s renewable energy usage hits 50%. 

“Tesla’s mission is accelerating the advent of sustainable energy,” Musk said Wednesday during a virtual panel at The B-Word conference, an event hosted by the Crypto Council for Innovation. “We can’t be the company that does that and also not do appropriate diligence on the energy usage.”

Musk went on to say that he has seen the mining industry shift toward renewable energy and once half of bitcoin mining is done using renewables, Tesla will reconsider bitcoin payments. 

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number,” he said. “If so, Tesla will most likely resume accepting bitcoin.” 

Musk announced via Twitter in May that the company would stop allowing customers to pay in bitcoin, citing environmental concerns as the reason. It was a move that resulted in a massive price drop for the largest digital currency and earned Must harsh criticism from the bitcoin community. 

On Wednesday, Musk appeared to try to distance himself from this narrative, insisting that his decision was not beneficial to him, either. 

“If the price of Bitcoin goes down, I lose money,” he said. “I might pump, but I don’t dump.” 

Musk insisted that he hopes to see bitcoin succeed, and renewable energy will be a big part of that. The other panelists agreed. 

“Bitcoin is also incentivizing a lot of innovation in the energy space.” said Jack Dorsey, co-founder and CEO of Twitter, and the founder and CEO of Square. “Just imagine all the unused energy that is just being wasted every single day.” 

Musk’s comments came shortly after SpaceX, the aerospace company he founded in 2002 made headlines. Competitor Blue Origin, Jeff Bezos’ company, completed its first successful manned launch on Tuesday. SpaceX has yet to do the same. The space race between the billionaires has begun. 

Musk critics argue that the environmental impact of rocket launches should be more of a concern than emissions from bitcoin mining rigs.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Data publishing costs have historically been a bottleneck for rollups, and as more rollups launch, interoperability will continue to be a major challenge. Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion, which together aim to unify the web3 experience.


Short-term “sell the news” reactions could follow new BTC price peaks months from now, industry watchers say — but only if history repeats itself


While crypto fundraising remains well off its bull market highs, Q1 data shows capital is returning to the space


Billed as a better BRC-20 fungible token standard, Bitcoin Runes launches tomorrow


Bitcoin miners need to explore unconventional energy avenues or be buried by the financial realities created by this halving


BlackRock’s iShares Bitcoin Trust continues to see daily positive net flows, though its inflow total for a single day hit a new low Wednesday


Binance is making moves, from receiving a new license in Dubai to switching its SAFU fund to USDC