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URLhttps://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html
Last Crawled2026-03-09 01:56:37 (1 month ago)
First Indexed2021-05-13 00:30:15 (4 years ago)
HTTP Status Code200
Meta TitleTesla stops accepting Bitcoin as payment for its cars. - The New York Times
Meta DescriptionElon Musk, Tesla’s chief executive, blamed the amount of energy, increasingly generated from fossil fuels, used by Bitcoin.
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Advertisement SKIP ADVERTISEMENT Elon Musk, Tesla’s chief executive, blamed the amount of energy, increasingly generated from fossil fuels, used by Bitcoin. Sales of Bitcoin helped Tesla’s bottom line in the first quarter. Credit... Lam Yik Fei for The New York Times May 12, 2021 Three months after Tesla said it would begin accepting the cryptocurrency Bitcoin as payment, the electric carmaker has abruptly reversed course. In a message posted to Twitter on Wednesday, Elon Musk, Tesla’s chief executive, said Tesla had suspended accepting Bitcoin because of concern about the energy consumed by computers crunching the calculations that underpin the currency. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment,” Mr. 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.” Earlier this year, Tesla announced that it had purchased $1.5 billion worth of Bitcoin and Mr. Musk trumpeted the company’s plan to accept the currency. Tesla later sold about $300 million of its Bitcoin holdings , proceeds that padded its bottom line in the first quarter. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” Mr. Musk wrote on Wednesday, referring to the process through which new Bitcoin is created. The price of Bitcoin dipped after the announcement, according to Coindesk. As cryptocurrencies explode in value, the amount of energy used by the digital currencies is increasingly under scrutiny. Some estimates put the energy use of Bitcoin at more than the entire country of Argentina. “Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” Bill Gates said in February . Mr. Musk also said on Wednesday that Tesla was “looking at other cryptocurrencies” that use a fraction of the energy consumed by Bitcoin. Mr. Musk has been a promoter of Dogecoin, a cryptocurrency that started as a joke but that has exploded in value . In an appearance on “Saturday Night Live” last week , Mr. Musk referred to Dogecoin as a “hustle.” Dogecoin fell by nearly a third in price on the night of the show. Related Content More in Automobiles Office of the Attorney General of California Jeff Roberson/Associated Press Emily Elconin for The New York Times Jakub Porzycki/Reuters Editors’ Picks Illustration by Tomi Um Shutterstock Trending in The Times Planet Labs, Rafaela Balster/The New York Times Disney/Pixar Joel Goldberg for The New York Times. Food Stylist: Hadas Smirnoff. Image by Adriana Loureiro Fernandez for The New York Times PRENSA LATINA, via Associated Press Getty Images Philip Cheung for The New York Times Amit Dave/Reuters Advertisement SKIP ADVERTISEMENT
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[Skip to content](https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html#site-content)[Skip to site index](https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html#site-index) Search & Section Navigation Section Navigation Search [Automobiles](https://www.nytimes.com/section/automobiles) [Log in](https://myaccount.nytimes.com/auth/login?response_type=cookie&client_id=vi&redirect_uri=https%3A%2F%2Fwww.nytimes.com%2Fsubscription%2Fonboarding-offer%3FcampaignId%3D7JFJX%26EXIT_URI%3Dhttps%253A%252F%252Fwww.nytimes.com%252F2021%252F05%252F12%252Fautomobiles%252Ftesla-bitcoin.html&asset=masthead) Sunday, March 8, 2026 [Today’s Paper](https://www.nytimes.com/section/todayspaper) [Automobiles](https://www.nytimes.com/section/automobiles)\|Tesla stops accepting Bitcoin as payment for its cars. https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html - Share full article Advertisement [SKIP ADVERTISEMENT](https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html#after-top) Supported by [SKIP ADVERTISEMENT](https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html#after-sponsor) # Tesla stops accepting Bitcoin as payment for its cars. Elon Musk, Tesla’s chief executive, blamed the amount of energy, increasingly generated from fossil fuels, used by Bitcoin. - Share full article ![](https://static01.nyt.com/images/2021/05/12/business/12economy-briefing-tesla/merlin_168765879_9ab7d355-9229-4311-80be-f5c1d53acfbb-articleLarge.jpg?quality=75&auto=webp&disable=upscale) Sales of Bitcoin helped Tesla’s bottom line in the first quarter.Credit...Lam Yik Fei for The New York Times By [Neal E. Boudette](https://www.nytimes.com/by/neal-e-boudette) May 12, 2021 Three months after [Tesla said it would begin accepting the cryptocurrency Bitcoin](https://www.nytimes.com/2021/02/08/business/tesla-bought-bitcoin.html) as payment, the electric carmaker has abruptly reversed course. In a message posted to Twitter on Wednesday, Elon Musk, Tesla’s chief executive, said Tesla had suspended accepting Bitcoin because of concern about the energy consumed by computers crunching the calculations that underpin the currency. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment,” [Mr. Musk wrote](https://twitter.com/elonmusk/status/1392602041025843203). “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.” Earlier this year, [Tesla announced that it had purchased \$1.5 billion worth of Bitcoin](https://www.nytimes.com/2021/02/08/business/tesla-bought-bitcoin.html) and Mr. Musk trumpeted the company’s plan to accept the currency. [Tesla later sold about \$300 million of its Bitcoin holdings](https://www.nytimes.com/2021/04/26/business/tesla-earnings.html), proceeds that padded its bottom line in the first quarter. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” Mr. Musk wrote on Wednesday, referring to the process through which new Bitcoin is created. The price of Bitcoin dipped after the announcement, according to Coindesk. As cryptocurrencies explode in value, the amount of energy used by the digital currencies is increasingly under scrutiny. [Some estimates put the energy use of Bitcoin](https://www.nytimes.com/2021/04/14/climate/coinbase-cryptocurrency-energy.html) at more than the entire country of Argentina. “Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” [Bill Gates said in February](https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html). Mr. Musk also said on Wednesday that Tesla was “looking at other cryptocurrencies” that use a fraction of the energy consumed by Bitcoin. Mr. Musk has been a promoter of Dogecoin, a cryptocurrency that started as a joke but [that has exploded in value](https://www.nytimes.com/2021/02/08/business/dogecoin-price.html). In [an appearance on “Saturday Night Live” last week](https://www.nytimes.com/2021/05/09/arts/television/elon-musk-snl.html), Mr. Musk referred to Dogecoin as a “hustle.” [Dogecoin fell by nearly a third in price](https://www.nytimes.com/live/2021/05/10/business/stock-market-today/dogecoin-elon-musk) on the night of the show. ## Editors’ Picks [![](https://static01.nyt.com/images/2026/03/08/business/07biz-workfriend/07biz-workfriend-thumbLarge.jpg)This Work Zoom Shouldn’t Have Gone X-Rated](https://www.nytimes.com/2026/03/07/business/zoom-trauma-shame.html) [![](https://static01.nyt.com/images/2026/03/06/multimedia/06trav-riviera-winter-01-jtgp/06trav-riviera-winter-01-jtgp-thumbLarge-v2.jpg)The French Riviera in Winter: Sparkle Without the Glitter](https://www.nytimes.com/2026/03/06/travel/france-riviera-winter-travel.html) [![](https://static01.nyt.com/images/2026/03/06/business/06biz-adviser/06biz-adviser-thumbLarge.jpg)A Vexing Problem for College Students: Course Availability](https://www.nytimes.com/2026/03/06/your-money/college-students-course-availability.html) Advertisement [SKIP ADVERTISEMENT](https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html#after-pp_edpick) READ MORE [Tesla’s U-turn on Bitcoin](https://www.nytimes.com/2021/05/13/business/tesla-bitcoin-elon-musk.html) raises questions of the cryptocurrency’s stability. See more on: [Elon Musk](https://www.nytimes.com/spotlight/elon-musk) - Share full article *** ## Inside the World of Cryptocurrencies *** - **Justin Sun:** Federal regulators [settled a fraud case](https://www.nytimes.com/2026/03/05/us/politics/sec-justin-sun.html) against the Chinese-born crypto billionaire, who was one of the Trump family’s earliest and most important crypto partners. - **Crypto’s Richest Man:** In a draft of his memoir, Changpeng Zhao, the founder of Binance, laid out the secret negotiations that [led to his imprisonment and a run-in with ICE](https://www.nytimes.com/2026/02/27/technology/cz-changpeng-zhao-binance-memoir-prison.html). - **Dubai of the Caribbean?:** A Bitcoin baron wants to build a libertarian paradise on the island of Nevis. 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Advertisement [SKIP ADVERTISEMENT](https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html#after-top) Elon Musk, Tesla’s chief executive, blamed the amount of energy, increasingly generated from fossil fuels, used by Bitcoin. ![](https://static01.nyt.com/images/2021/05/12/business/12economy-briefing-tesla/merlin_168765879_9ab7d355-9229-4311-80be-f5c1d53acfbb-articleLarge.jpg?quality=75&auto=webp&disable=upscale) Sales of Bitcoin helped Tesla’s bottom line in the first quarter.Credit...Lam Yik Fei for The New York Times May 12, 2021 Three months after [Tesla said it would begin accepting the cryptocurrency Bitcoin](https://www.nytimes.com/2021/02/08/business/tesla-bought-bitcoin.html) as payment, the electric carmaker has abruptly reversed course. In a message posted to Twitter on Wednesday, Elon Musk, Tesla’s chief executive, said Tesla had suspended accepting Bitcoin because of concern about the energy consumed by computers crunching the calculations that underpin the currency. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment,” [Mr. Musk wrote](https://twitter.com/elonmusk/status/1392602041025843203). “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.” Earlier this year, [Tesla announced that it had purchased \$1.5 billion worth of Bitcoin](https://www.nytimes.com/2021/02/08/business/tesla-bought-bitcoin.html) and Mr. Musk trumpeted the company’s plan to accept the currency. [Tesla later sold about \$300 million of its Bitcoin holdings](https://www.nytimes.com/2021/04/26/business/tesla-earnings.html), proceeds that padded its bottom line in the first quarter. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” Mr. Musk wrote on Wednesday, referring to the process through which new Bitcoin is created. The price of Bitcoin dipped after the announcement, according to Coindesk. As cryptocurrencies explode in value, the amount of energy used by the digital currencies is increasingly under scrutiny. [Some estimates put the energy use of Bitcoin](https://www.nytimes.com/2021/04/14/climate/coinbase-cryptocurrency-energy.html) at more than the entire country of Argentina. “Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” [Bill Gates said in February](https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html). Mr. Musk also said on Wednesday that Tesla was “looking at other cryptocurrencies” that use a fraction of the energy consumed by Bitcoin. Mr. Musk has been a promoter of Dogecoin, a cryptocurrency that started as a joke but [that has exploded in value](https://www.nytimes.com/2021/02/08/business/dogecoin-price.html). In [an appearance on “Saturday Night Live” last week](https://www.nytimes.com/2021/05/09/arts/television/elon-musk-snl.html), Mr. Musk referred to Dogecoin as a “hustle.” [Dogecoin fell by nearly a third in price](https://www.nytimes.com/live/2021/05/10/business/stock-market-today/dogecoin-elon-musk) on the night of the show. ## Related Content [More in Automobiles](https://www.nytimes.com/pages/automobiles/index.html) - ![The California Attorney General’s Office said that 14 people arranged tax-free sales of vehicles, including this \$1.5 million Porsche 918 Spyder, by making the purchases in Montana. ](https://static01.nyt.com/images/2026/03/08/multimedia/08xp-cars1/08xp-cars-03-square640.jpg?quality=75&auto=webp&disable=upscale) Office of the Attorney General of California - ![The average monthly payment for a new car was \$774 at the end of last year, and the average new car now costs nearly \$50,000.](https://static01.nyt.com/images/2026/03/05/multimedia/05biz-auto-sales-hzvg/05biz-auto-sales-hzvg-square640.jpg?quality=75&auto=webp&disable=upscale) Jeff Roberson/Associated Press - ![A Ford Motor factory in Wayne, Mich. U.S. automakers are facing difficult choices.](https://static01.nyt.com/images/2026/02/26/multimedia/00biz-auto-retrench-01-khvm/00biz-auto-retrench-01-khvm-square640.jpg?quality=75&auto=webp&disable=upscale) Emily Elconin for The New York Times - ![“There’s definitely going to be a higher level of mental work,” Oscar Piastri, of McLaren, said about driving Formula 1’s new cars. “Generally, that’s a good thing for me.”](https://static01.nyt.com/images/2026/03/07/multimedia/07sp-australian-piastri-inyt-vlpg/07sp-australian-piastri-inyt-vlpg-square640.jpg?quality=75&auto=webp&disable=upscale) Jakub Porzycki/Reuters Editors’ Picks - ![](https://static01.nyt.com/images/2026/03/14/magazine/14mag-ethicist/14mag-ethicist-square640.jpg?quality=75&auto=webp&disable=upscale) Illustration by Tomi Um - ![On certain Boeing 737 and Airbus A321 jets, row 11 offers a seat sold as a window view that shows, instead, a wall. The discovery tends to arrive after boarding.](https://static01.nyt.com/images/2026/02/26/multimedia/00xp-Seat11A-cvmj/00xp-Seat11A-cvmj-square640.jpg?quality=75&auto=webp&disable=upscale) Shutterstock Trending in The Times - ![](https://static01.nyt.com/images/2026/03/04/video/04vi-minab-afterstill/04vi-minab-afterstill-square640-v2.png?quality=75&auto=webp&disable=upscale&width=350) Planet Labs, Rafaela Balster/The New York Times - ![The comedic “Hoppers” gave Pixar Animation its biggest opening for an original film in nearly a decade.](https://static01.nyt.com/images/2026/03/08/multimedia/08box1-wgpq/08box1-wgpq-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) Disney/Pixar - ![](https://static01.nyt.com/images/2026/03/05/multimedia/05FD-20-MINUTE-SOUPS-topart-pestochickpeasoup-pvhm/05FD-20-MINUTE-SOUPS-topart-pestochickpeasoup-pvhm-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) Joel Goldberg for The New York Times. Food Stylist: Hadas Smirnoff. - ![A protest last month in Caracas, Venezuela’s capital, demanding freedom for political prisoners.](https://static01.nyt.com/images/2026/04/05/multimedia/05int-us-venezuela-01-chwf/05int-us-venezuela-01-chwf-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) Image by Adriana Loureiro Fernandez for The New York Times - ![A dog team pulls guests on a day trip from Wintergreen Dogsled Lodge, on the edge of the Boundary Waters Canoe Area in Ely, Minn.](https://static01.nyt.com/images/2026/03/04/multimedia/04Trav-dogsledding-minnesota-01-qgjv/04Trav-dogsledding-minnesota-01-qgjv-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) - ![Vilma Espín around 1959. She became a widely recognized symbol of the Castro family’s half-century grip on power.](https://static01.nyt.com/images/2026/03/06/multimedia/06WHM-Espin-Obit-02-jzqc/06WHM-Espin-Obit-02-jzqc-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) PRENSA LATINA, via Associated Press - ![](https://static01.nyt.com/images/2026/03/06/arts/RV_Thumbnail/RV_Thumbnail-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) - ![](https://static01.nyt.com/images/2026/03/06/well/06WELL-TREADMILL-TREND2/06WELL-TREADMILL-TREND2-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) Getty Images - ![Alberto Carvalho was hired to lead the L.A. Unified School District in 2021.](https://static01.nyt.com/images/2026/03/07/multimedia/07nat-lausd-profile-01-mvhw/07nat-lausd-profile-01-mvhw-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) Philip Cheung for The New York Times - ![Workers sprinkling fertilizer in a paddy field in India, which buys some 40 percent of its urea and phosphate-based fertilizers from the Middle East.](https://static01.nyt.com/images/2026/03/06/multimedia/00biz-iran-fertilizer-02-wfhz/00biz-iran-fertilizer-02-wfhz-square640.jpg?quality=75&auto=webp&disable=upscale&width=350) Amit Dave/Reuters Advertisement [SKIP ADVERTISEMENT](https://www.nytimes.com/2021/05/12/automobiles/tesla-bitcoin.html#after-bottom)
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