Last month, Mr Musk tweeted that Tesla would no longer be accepting bitcoin as payment for its vehicles.
In a statement on Twitter, Mr Musk said: "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel."
He added: "Cryptocurrency is a good idea... but this cannot come at great cost to the environment."
Mr Musk's announcement prompted a drop in cryptocurrency prices across the board.
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