Tesla did not buy or sell any Bitcoin during the first quarter of 2023, and continues to hold 11,950 BTC worth approximately $345 million. This marks the third consecutive quarter where the company has not made any transactions with the cryptocurrency. In Q2 2022, Tesla sold 75% of its BTC holdings due to rising production costs. Despite this move, Elon Musk, CEO of Tesla, has not sold his personal crypto holdings in Bitcoin, Ethereum, and Dogecoin. Tesla's involvement with Bitcoin began in 2021 when it bought $1.5 billion worth of BTC, followed by allowing customers to buy vehicles with BTC. However, the company suspended the payment method in May 2021 due to the high energy consumption of the network, and Musk said it could return when at least 50% of Bitcoin mining is powered by renewable energy. A recent study estimated that over 52% of the energy used in Bitcoin mining is from renewable sources.
(By Dimitar Dzhondzhorov)
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