(opens in a new windowTesla will ‘most likely’ resume accepting bitcoin as a form of payment once the mining rate for the cryptocurrency reaches 50% renewables, CEO Elon Musk said Wednesday at a virtual panel discussion hosted by the Crypto Council for Innovation, remarks that are in line with statements he made last month on Twitter.

Tesla CEO Elon Musk has stated that his company ‘will likely’ accept bitcoin again for the purchase of Tesla cars if bitcoin miners reduce the energy they use to mine cryptocurrencies.

Musk had in June tweeted, “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.

According to him, bitcoin miners need to make a conscious effort to move toward renewables as cryptocurrencies use a lot of energy especially Bitcoin and Ethereum via its  ‘proof-of-work method. The method uses a lot of electricity to power huge computer networks to mint new blocks of each currency via thousands of GPUs running high-end graphic cards to solve complex cryptographic problems.

Bits Africa is not sure when this will happen but Ethereum has already started this transition away from proof-of-work to proof-of-stake, an eco-friendly way to reduce energy use.