Musk tweeted on Wednesday that “environmental concerns related to Bitcoin, due to the rapid increase in the use of fossil fuels in currency mining operations, especially coal, which produces emissions worse than any other fuel.”
Digital currency “digs” when high-power computers compete with other devices in solving complex mathematical puzzles, a process that consumes enormous energy and currently relies on electricity generated by fossil fuels, especially coal.
At current rates, bitcoin mining consumes the same amount of energy that entire countries consume annually, according to the British newspaper The Guardian.
Musk added that “digital currency is a good idea on many levels”, noting that “it has a promising future”.
“We intend to use it as soon as mining switches to more sustainable energy,” he said, adding that Tesla is considering other cryptocurrencies that consume less energy.
After a musky tweet, bitcoin fell more than 8 percent, falling below $ 50,000 for the first time since April last year.