Bitcoin has dominated the news recently with Elon Musk’s announcement that his electric car company, Tesla, will be accepting the crypto as the car purchase payment.

But it seems that Musk’s enthusiasm with Bitcoin has changed recently with his announcement that Tesla will now stop accepting Bitcoin payments.

The reason behind this decision is that bitcoin mining consumes so much energy and negatively impacts the environment.

Because of this costly consequence, he was compelled to talk with bitcoin miners in North America to lay out a plan to use renewable energy to counter the negative effects of bitcoin.

It takes a tweet

“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising,” Musk tweeted on Monday, according to CNBC.

His tweet about halting bitcoin payments and his commitment to implement renewable energy has caused both positive and negative effects for various cryptocurrencies and companies.

Cryptocurrencies such as ethereum, ripple, binance coin, dogecoin, and cardano have all suffered in value for the past few weeks.

But bitcoin companies like Marathon Digital Holdings and Riot Blockchain were able to gain 10% when almost everyone is going down.

These companies are known for operating large facilities filled with high-end hardware that are all tasked to solve highly complex mathematical problems, which in turn rewards them with bitcoins.

More challenges for the crypto

With cryptocurrencies‘ sudden surge in popularity, they were able to catch the interest of millions of people over the world — including the authorities.

In China, authorities have been launching a series of crackdowns against bitcoin. While in the U.S, the Treasury Department has released new guidance on how to implement a tax on the popular crypto.

But even with the challenges that Bitcoin is facing right now, various companies have come together to form the “Bitcoin Mining Council,” which is aimed at steering bitcoin in the right (and greener) direction.

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/elon-musks-love-hate-relationship-with-bitcoin/