Electric car giant Tesla has scrapped vehicle purchases using Bitcoin due to concerns over climate change impacts created by the mining process for the cryptocurrency.
Bitcoin 'miners' use high-powered computers in the mining process, which can be very energy intensive.
Recent reports suggest China is responsible for some 75% of Bitcoin mining.
Announcing the suspension in a statement posted on Twitter last week, Tesla founder Elon Musk said: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
Tesla revealed in February that it had bought $1.5 billion-worth of Bitcoins, announcing in the following month that it would start accepting payment in the world’s largest cryptocurrency.
Musk’s statement has not closed the door completely on Bitcoin, however, as it continued: “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.
“Tesla will not be selling any Bitcoin and we intend to use it for transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
On 11 May, Musk had taken to Twitter with a poll asking followers if they wanted Tesla to accept Doge, another cryptocurrency.
As of late last week, 78.2% of respondents had said yes, with 21.8% against the idea.