UPDATE 1-Tesla stops taking bitcoin, cites fossil fuel use in ‘mining’ cybercurrency

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Tesla Inc has suspended the use of bitcoin to purchase vehicles, Chief Executive Officer Elon Musk said in a tweet on Wednesday, citing concerns about the use of fossil fuel for bitcoin mining. 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.

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