According to Tesla’s Q2 2022 earnings report released on Tuesday, the car manufacturer has sold almost all of its Bitcoin into fiat currency. The selloff netted the company an additional $936 million in cash for its balance sheet.
- As reads the report, Tesla “converted approximately 75% of [its] Bitcoin purchases into fiat currency,” as of Q2 2022.
- “Conversions in Q2 added $936M of cash to our balance sheet,” it continues.
- The company initially purchased $1.5 billion worth of Bitcoin in February of 2021, adding momentum to an already fiery bull market.
- However, the company ceased accepting Bitcoin for car payments in May of last year due to environmental concerns surrounding Bitcoin mining.
- The company’s CEO Elon Musk has since taken a stronger liking to Dogecoin, which he considers better for transactions.
- Musk confirmed last July that he personally owns a mix of Bitcoin, Ethereum, and Dogecoin.
- The CEO claimed that Tesla may resume accepting Bitcoin again if he can confirm its mining industry is trending toward renewable energy.
- The Bitcoin Mining Council’s Q2 2022 report found that 59.5% of the mining industry runs on sustainable power. That’s the fifth quarter in a row for which that figure has stood above 50%.
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