Tesla CEO Elon Musk has said the company is likely to start accepting bitcoin to buy cars again.
“Bitcoin seems to be moving a lot towards renewables and that a handful of heavy coal-fired power plants that used … have come to a standstill, especially in China,” Musk said on Wednesday, July 21 at the B-Word conference.
“I want to do more care to ensure that the percentage of renewable energy usage is likely to be at least 50% and that the trend is growing, if so, then Tesla is likely to continue to accept encryption.”
In May, Musk said on Twitter that the company would suspend the purchase of vehicles using bitcoin for fear of “the rapidly growing use of fossil fuels in currency mining.”
Since then, Beijing has countered cryptocurrencies and expelled miners who have since started business elsewhere.
New data from the University of Cambridge shows that many miners are heading to the United States, which is now the second largest destination for Bitcoin miners in the world.
The United States is home to the planet’s cheapest energy sources, which are often renewable.
Fred Thiel of Marathon Digital said most new miners in North America are powered by renewables or gas is offset by renewables, and Compass CEO Whit Gibbs estimates that Bitcoin’s mining operations in the U.S. are powered by more than 50% of renewables.
“Long-term renewables are the cheapest energy, but it won’t happen overnight, but as long as the mining community consciously and resolutely strives to move toward renewables, it’s clear Tesla can support it,” Musk said.
The encryption currency rose about 8% in trading today.