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| Meta Title | Tesla stops accepting Bitcoin as payment for its cars. - The New York Times |
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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.
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[Automobiles](https://www.nytimes.com/section/automobiles)\|Tesla stops accepting Bitcoin as payment for its cars.
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# 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

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.
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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. [Democracy is getting in the way](https://www.nytimes.com/2026/02/26/business/st-kitts-nevis-destiny-olivier-janssens-crypto-libertarian.html).
- **Iran Transactions:** Senator Richard Blumenthal of Connecticut opened an inquiry into [concerns about possible sanctions violations](https://www.nytimes.com/2026/02/24/technology/richard-blumenthal-iran-binance-inquiry.html) at Binance, the world’s largest cryptocurrency exchange.
- **Crypto Guide:** Our tech columnist believes that crypto is terribly explained. [His mega-F.A.Q. is an attempt to fix that](https://www.nytimes.com/interactive/2022/03/18/technology/cryptocurrency-crypto-guide.html).
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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](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.
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