Bitcoin Surges Over $39,000 After Elon Musk Tweets To Resume Transactions When Miners 'Use Clean Energy’

In his latest tweet, the business tycoon has said that Tesla will resume Bitcoin transactions only if there is confirmation of reasonable clean energy usage by miners

Getty Images

New Delhi: It seems the hacker group ‘Anonymous’ warning to Tesla CEO and SpaceX boss Elon Musk over his tweets about cryptocurrencies didn’t deter him from commenting on the world’s largest currency bitcoin.

Tesla CEO once again tweeted on Sunday saying the electric carmaker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy. Musk changed his stance about accepting Bitcoin as a payment for its cars which he had earlier claimed on several occasions. In May, the leader in a Tweet said the Bitcoin mining wasn’t ‘clean’ and he didn’t want his decision to come at an environmental cost.

Now, the business tycoon has once again issued a statement with a slight change saying that the company will resume Bitcoin transactions only if there is confirmation of reasonable clean energy usage by miners.

“When there’s confirmation of reasonable clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions," he said in a tweet. He added, “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market."

Earlier in May, Musk also informed about the discussion with North American miners apparently, had the solution to the very problem he had mentioned in his reason for Tesla to drop accepting Bitcoin as a payment method, saying that, “They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising."

In February, the company said it had purchased $1.5 billion in Bitcoin and planned to accept it as payment. Tesla’s website also had a support page dedicated to Bitcoin, stating that Bitcoin was the only cryptocurrency that Tesla accepts in the continental U.S.

However, these changes in statements over a period of time have hugely impacted the cryptocurrency movement globally so much so that the Internet sleuths have more than just co-related the phenomenon, they’ve even christened it: “The Musk Effect."

On Musk's comment on mining cleaner bitcoins, the cryptocurrency's price surged over $39,000 level on Monday.

As per CoinDesk, Bitcoin climbed over 10 per cent in the last 24 hours to trade $39,794.57, adding $3,404 to its previous close. Ether, the coin linked to the ethereum blockchain network, also rose around 5 per cent to trade near $2,500 level while Dogecoin was trading at $0.32. Other digital coins like XRP, Litecoin also rose over 5 per cent in the last 24 hours.