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Tesla Reports $51 Million in Bitcoin-Related Impairments in Q3

According to Tesla’s Q3 earnings presentation, it managed to obtain its best-ever web earnings of $2.093 billion. 

Yet, the e-car producer registered Bitcoin-related impairments of $51 million through the third quarter.

Tesla neither offered nor purchased extra cash in Q3. 

The firm initially introduced its mammoth $1.5 billion Bitcoin purchase in February and later began accepting BTC funds, which have been then halted in May due to environmental considerations.

Tesla offered 10 % of its Bitcoin in Q1 to take a look at the flagship crypto’s liquidity. It left its place unchanged in Q2 however was compelled to report an impartment lack of $23 million due to the Bitcoin value downturn.

As reported by U.Today, Bitcoin soared to a brand new all-time excessive of $67,016 earlier right now, which implies that the lately reported impairments are not related. 

In June, CEO Elon Musk reaffirmed his dedication to the biggest cryptocurrency regardless of being essential of its energy-intensive proof-of-work algorithm.

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