© Reuters. File photo: In this illustration taken on February 9, 2021, the representation of the virtual currency Bitcoin can be seen in front of the Tesla logo. REUTERS/Dado Ruvic

Authors: Noor Zainab Hussain and Nivedita Balu

(Reuters)-CEO Elon Musk said at a meeting on Wednesday that once the electric car manufacturer Tesla (NASDAQ:) will conduct an assessment of the amount of renewable energy used to mine the currency After due diligence, it is likely that Bitcoin will be accepted again as payment.

It rose 8% to US$32,160.16, while Ethereum rose 11.6% to US$1,993.36. Tesla shares fell 0.8% to $655.30 in after-hours trading.

Before Musk’s comments at the B Word conference, Tesla said in May that it would stop accepting Bitcoin for car purchases, less than two months after the company started accepting the world’s largest digital currency.

“I want to conduct more due diligence to confirm that the percentage of renewable energy use is likely to reach or exceed 50%, and this number is on the increase. If so, Tesla will resume accepting Bitcoin,” Ma Sk said.

“The most likely answer is that Tesla will resume accepting Bitcoin.”

The use of Bitcoin to buy Tesla’s electric cars highlights the divergence between Musk’s reputation as an environmentalist and using his reputation and status as one of the richest people in the world to support cryptocurrency.

Some Tesla investors and environmentalists are increasingly critical of the way they use the large amounts of electricity generated by fossil fuels to “mine” Bitcoin.

However, more and more digital currency miners are trying to use renewable energy to reduce the impact on the environment.

“Tesla’s mission is to accelerate the emergence of sustainable energy. We cannot be a company that does this, nor can we conduct proper investigations of Bitcoin’s energy use,” Musk said.

Musk added that in addition to the Bitcoin owned by Tesla and SpaceX, he personally owns Bitcoin, Ethereum and Dogecoin.

“I may pump, but I won’t dump it,” Musk said. “I definitely don’t believe in raising the price and selling it…I want to see Bitcoin succeed.”

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