Tesla's Decisions on Bitcoin and Eco-Friendly Mining Cryptocurrency in Clean Energy Regime

Abstract

The trend of cryptocurrency mining was increasing electrical energy consumption in the world which had an impact on the environment. Tesla, a United States automotive company, had policies that affect the dynamics of cryptocurrency exchange rates. This study aims to analyze Tesla's reasons for not accepting Bitcoin payment and consider using ecofriendly cryptocurrencies. The Green Theory approach is used to describe the company's decision-making process that the Bitcoin mining process has increased the use of fossil fuels, especially coal for electricity needs, in the use of Bitcoin as a cryptocurrency. Awareness of this environmental impact will be seen in the process of emergence of discourse and communication in the public sphere that affect Tesla's awareness. The involvement of state governments in the world and the start of regulating the use of cryptocurrencies in the United States are also seen as actors involved in Green Theory. This research data was collected through statements of actors in the clean energy regime, research publications, news media and movements that appear on social media. The results of this study indicate that there are several reasons Tesla should stop transactions using Bitcoin; 1. Increased research publications that calculate the impact of Bitcoin mining activities contributing to increased gas emissions, 2. There is a Greenpeace campaign that voices that Bitcoin accelerates the climate crisis, 3. The rejoining of the United States in the Paris Agreement affected the clean energy industry policy which also promotes the use of renewable energy resources, so Tesla should also consider clean energy sources. The conclusion of this study showed that Tesla's awareness of the need to make it eco-friendly in the cryptocurrency mining process was an awareness that arose from the influence of the thoughts of various actors in the clean energy regime. This research contributes to the study of renewable energy considering that cryptocurrency has become an asset that has an impact on the environment.