Elon Musk reveals Tesla's 'reasonable' condition for using reallowing bitcoin

The electric car company also unveiled a PS5-like infotainment system for its cars.
The electric car company also unveiled a PS5-like infotainment system for its cars Photo credit: Getty Images / Supplied

Tesla CEO Elon Musk says the company will start accepting bitcoin as a means of payment again once "reasonable clean energy" is being used to mine the cryptocurrency.

The billionaire also said the electric car company had sold off around 10 percent of its bitcoin holdings in an attempt to prove it could be liquidated without influencing the market.

Tesla purchased US$1.5 billion of the popular cryptocurrency in February, announcing it would accept it as payment at the time.

However the company backtracked in May, suspending the option because of the "rapidly increasing use of fossil fuels for bitcoin mining and transactions".

Musk has long been a supporter of cryptocurrencies and recently indicated that he supported it over more traditional fiat currencies. 

His tweets around bitcoin and his support of meme-based alternative dogecoin have caused a backlash, with a belief his public pronouncements are impacting the price.

Just last week hacking group Anonymous took aim at Musk for his cryptocurrency tweets, calling him just "another narcissistic rich dude who is desperate for attention".

"Reading the comments on your Twitter posts it seems the games you have played with the crypto markets have destroyed lives," they said.

"Millions of retail investors were really counting on their crypto gains to improve their lives. Your tweets this week show a clear disregard for the average working person."

Meanwhile, Tesla's Model S Plaid launch over the weekend showcased a refreshed infotainment system that's nearly as powerful as Sony's PlayStation 5.

During the event a demo of Cyperpunk 2077 was shown running with high frame rates in the US$130,000 (NZ$182,000) car, powered by AMD's Ryzen processor.

"There's never been a car that has state of the art computing technology, state of the art infotainment where this is literally at the level of a PlayStation 5," Musk said. 

"This is actual PlayStation 5-level performance. Yes, it can run Cyberpunk. It's high frame rate, it will do 60fps with state of the art games."