“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.