Tesla has suspended payments using Bitcoin, due to environmental concerns.
The world’s second-richest man announced on Twitter that Tesla will now suspend vehicle purchases using Bitcoin due to concerns over the increasing use of fossil fuels to mine Bitcoin transactions.
Bitcoin has been known to use more electricity than the entire country of Argentina, long becoming a target of environmental groups.
Bitcoin, the world’s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669 .
Musk said Tesla would not sell any bitcoin and intends to use bitcoin for transactions as soon as mining transitions to more sustainable energy.
“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
“We are also looking at other cryptocurrencies that use <1% of bitcoin’s energy/transaction,” Musk said.
Bitcoin’s annual energy consumption is comparable to some entire countries, such as Argentina and Ukraine.
Bitcoin produces 36 megatons of carbon dioxide annually – which is comparable to New Zealand and it is estimated that in 30 years Bitcoin could alone increase global temperatures 2 degrees Celsius.
Many investors saw Tesla’s decision to accept Bitcoin as payment for vehicles as the first step towards legitimising the cryptocurrency.
Bitcoin has long been the target of environmental groups
Bitcoin’s annual energy consumption is comparable to some entire countries, like Argentina and Ukraine.
The crypto-currency produces 36 megatons of carbon dioxide annually – which is comparable to New Zealand.
ticker’s crypto expert Stephan Livera joined us a little earlier and says the decision by Tesla is contradictory.
It is estimated that in 30 years Bitcoin could increase global temperatures by 2 degrees Celsius.
China leads the world for the most bitcoin mining.
Microsoft founder Bill Gates, has also weighed in on the debate… he says bitcoin uses more electricity per transaction than any other method known to humanity.
Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network.
A plane arrives in China. On board, one of the world’s richest men. He’s come to convince authorities that he should be allowed to set up a brand new factory.
He is Elon Musk.
And this is his first trip to China in three years.
Staff at warehousing giant Amazon have walked off the job to protest the company’s return-to-office program
Over 1,900 Amazon employees pledged to protest globally over proposed changes to the company’s climate policy, layoffs and a return-to-office mandate.
The activist group behind the rally is known as Amazon Employees for Climate Justice (AECJ), who are seeking a greater voice for employees.
“Our goal is to change Amazon’s cost/benefit analysis on making harmful, unilateral decisions that are having an outsized impact on people of color, women, LGBTQ people, people with disabilities, and other vulnerable people,” organisers said.
Over 100 people gathered at the heart of Amazon’s Seattle headquarters on Wednesday. The company said it had not witnessed any other demonstrations.
AECJ said the walkout comes after Amazon made moves “in the wrong direction”.
The company recently has recently overturned a desire to make all Amazon shipments net zero for carbon emissions by 2030.
The company maintains a pledge on climate change.
Amazon spokesperson Brad Glasser told Reuters the company is pursuing a strategy to cut carbon emissions.
“For companies like ours who consume a lot of power, and have very substantial transportation, packaging, and physical building assets, it’ll take time to accomplish.”
AECJ protesters also sought support for the 27,000 staff, who had lost their jobs in recent months —around 9 per cent of Amazon’s global workforce.
The company has also mandated a return-to-office program.
As employees recover from the height of the pandemic, the Great Resignation has come to light
The pandemic saw the term ‘the great resignation’ coined as thousands of people resigned from their jobs across the U.S. in 2021 and 2022.
Karin Reed, the author of ‘Suddenly Hybrid said the great resignation was a period of employees taking control of their future.
“A lot of people realised in their current environment they were not happy with what they were doing with their job. They chose to vote with their feet and go elsewhere,
In other parts of the world, a spike in resignations was not reported.
However, a higher degree of workers began reporting post-Covid burnout, as they made a return to the office.
“There’s been a blurring of the lines. You have work that’s not confined by a physical space.
“Instead of closing the computer and walk away, our computer is in the next room.”