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Bitcoin has risen after Elon Musk stated that Tesla will accept cryptocurrency if miners use renewable energy.

Elon Musk, the CEO of Tesla Inc, tweeted on Sunday that the electric carmaker will restart accepting bitcoin transactions after the miners who verify transactions utilise more sustainable energy.

"Tesla will resume permitting Bitcoin transactions when there is confirmation of fair (50 percent ) clean energy usage by miners with a favourable future trend," he wrote in a tweet.

Following Musk's post, bitcoin surged 5.1 percent to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, gaining $1,817.87 to its previous closing.

Musk also revealed that Tesla sold roughly 10% of its bitcoin assets to ensure that the cryptocurrency could be unloaded quickly and without causing a market reaction.

In May, he stated that Tesla will no longer accept bitcoin for car purchases, citing long-standing environmental concerns as the reason for the company's quick change of heart on the cryptocurrency. After his tweet, bitcoin dropped by more than 10%.

The entrepreneur believes that cryptocurrencies has a bright future, but that it cannot come at the expense of the environment.

Tesla announced in February that it had purchased $1.5 billion in bitcoin and would accept it as a means of payment for cars.
                                                                    


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