Price of Bitcoin sinks after Musk says Tesla will no longer accept it
The price of Bitcoin tanked Wednesday after Elon Musk said Tesla will no longer accept the cryptocurrency, citing concerns about the use of fossil fuels for mining the coin. CEO Musk tweeted Wednesday to say the electric car manufacturer 'has suspended vehicle purchases using Bitcoin'. Creating Bitcoins and other cryptocurrencies requires a lot of electricity, releasing massive amounts of greenhouse gases. The cryptocurrency is 'mined' by high-powered computers that continuously solve computational math puzzles, the complexity of which means the processors require huge amounts of energy. With each solved problem, a certain amount of coin is produced. While the machines use electricity, fossil fuel is a major category in electricity generation. Musk wrote: '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.' Bitcoin, the world's biggest digital currency, fell 15 per cent after the tweet. Elon Musk has said Tesla will no longer accept Bitcoin as a payment citing concerns about the amount of fossil fuels used to process the cryptocurrency CEO Musk tweeted Wednesday to say the electric car manufacturer 'has suspended vehicle purchases using Bitcoin' Bitcoin, the world's biggest digital currency, fell nearly 15 per cent after the tweet 'We are also looking at other cryptocurrencies that use