Tesla has converted approximately 75% of its bitcoin into fiat currency. The cryptocurrency sales left the electric car company holding digital assets worth $218 million. “We are certainly open to increasing our bitcoin holdings in the future,” Tesla CEO Elon Musk said, adding: “We have not sold any of our dogecoin.”
Tesla Sold About 75% of Its Bitcoin Holdings
Elon Musk’s electric car company, Tesla, released its Q2 earnings report Wednesday. The company wrote:
As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.
Tesla’s Q2 balance sheet shows net digital assets of $218 million, down from $1.26 billion in the previous quarter. The company also said its Q2 year-on-year operating income was impacted by bitcoin impairment.
The electric car company’s statement of cash flows shows proceeds from digital asset sales of $936 million. The only other time Tesla’s cash flow statement showed sales of digital assets was in Q1 2021. The sales proceeds amounted to $272 million at the time.
Tesla bought $1.5 billion worth of bitcoin in early 2021 and has not purchased any more since. The electric car company never disclosed the number of BTC it owns. However, Musk hinted in July last year that Tesla owned about 42K bitcoins.
The company also briefly accepted BTC for payments but suspended it in May last year, citing environmental concerns. Last October, Tesla told the SEC that it may restart accepting cryptocurrencies. Musk subsequently said Tesla will resume accepting bitcoin when there is “confirmation of reasonable (about 50%) clean energy usage by miners with positive future trend.” However, at the time of writing, Tesla has not resumed accepting BTC.
Elon Musk: Tesla Has Not Sold Dogecoin and Is ‘Certainly Open to Increasing Our Bitcoin Holdings in Future’
Musk explained why Tesla sold most of its BTC in a call with analysts on Wednesday.
“It should be mentioned that the reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position, given the uncertainty of the Covid lockdowns in China,” the Tesla boss detailed, elaborating:
We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company, given Covid shutdowns in China. And we have not sold any of our dogecoin.
Tesla never bought the meme cryptocurrency dogecoin for its balance sheet. However, the company began accepting DOGE for some merchandise in January. Musk previously said that he sees bitcoin as a store of value while dogecoin is more suitable for payments.
In a February filing with the U.S. Securities and Exchange Commission (SEC), Tesla said: “We may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions … We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”
Musk is currently in a legal battle with Twitter Inc. He offered to buy the social media platform for $44 billion but officially terminated the deal on July 8. Twitter subsequently filed a lawsuit against Musk to force him to go through with the deal. The lawsuit trial is set for October.
What do you think about Tesla selling its bitcoin? Let us know in the comments section below.
Source: Featured Archives – Bitcoin News
A Step-by-Step Guide on How to Access Your ETHW Tokens if You Held ETH Before The Merge
With the new Ethereumpow (ETHW) network launch, ethereum holders are eligible to receive a single ETHW for every ether they own. The following is a simple guide that shows ethereum holders how to access their ETHW tokens using a wallet like Metamask. Accessing the ETHW Network via Metamask’s Network Settings 16 days ago, Ethereum transitioned […]
With the new Ethereumpow (ETHW) network launch, ethereum holders are eligible to receive a single ETHW for every ether they own. The following is a simple guide that shows ethereum holders how to access their ETHW tokens using a wallet like Metamask.
Accessing the ETHW Network via Metamask’s Network Settings
16 days ago, Ethereum transitioned from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) network, and ethereum miners chose to mine a few different coins like ethereum classic and ravencoin. Some miners transitioned over to the new Ethereumpow (ETHW) network, and the blockchain has been live for more than two weeks since it launched. At the time of writing, there’s 52.27 terahash per second (TH/s) of hashrate dedicated to the ETHW network.
Moreover, the ETHW token has been trading for prices between $10.96 to $12.16 per unit during the last 24 hours. The USD value of ETHW is up 20.6% during the last two weeks, and seven-day statistics indicate the token is up 49.1%. However, during the past 24 hours on October 1, 2022, ETHW has lost roughly 7% against the U.S. dollar. Because ETH owners are eligible for ETHW at a 1:1 rate, after the ETHW network went live, ether holders have been gaining access to their coins.
The following post is a simple way to access ETHW using a Metamask wallet by simply updating the network. ETH owners can also leverage different methods like importing their seeds into Metamask or a wallet that supports the ETHW network. Some wallets like Crypto.com’s defi wallet has a toggle switch that checks for balances, and if you held ETH on Crypto.com’s defi wallet, simply check for balances and the ETHW token can be added.
To leverage the Metamask route, it’s assumed you already have ETH in a Metamask wallet throughout the rest of this guide, but if you don’t, it’s also possible to import your ETH wallet into the Metamask platform and access the funds from there.
Assuming you already have a Metamask wallet that held ethereum (ETH) before The Merge or before September 15, the next step is accessing Metamask’s settings section in the wallet. In order to access the settings simply click the account icon and press “settings.”
In Metamask’s “settings” section, on the left side of the screen another section called “network” will be visible, and there’s an icon of a plug right beside it. Press “network,” and the section will take you to an area that shows all the networks your wallet is connected to, and from here simply press “add network.” After pressing the “add network” button, Metamask will warn you about malicious networks as the platform states:
A malicious network provider can lie about the state of the blockchain and record your network activity. Only add custom networks you trust.
Below the warning are the fields of entry that are needed to access the ETHW network. There are five fields to fill out, which include: “Network Name,” “New RPC URL,” “Chain ID,” “Currency Symbol,” and the “Block Explorer URL.” In order to connect to the ETHW chain simply leverage the RPC data written below.
- Network Name- ETHW-mainnet
- New RPC URL- https://mainnet.ethereumpow.org
- Chain ID- 10001
- Currency Symbol- ETHW
- Block Explorer URL- https://mainnet.ethwscan.com
After filling in all the fields, simply press “save” and connect to the ETHW network. When the wallet is connected to the network, it should now display a balance of ETHW, depending on how much ether was originally in the wallet. From here, the ETHW balance can be saved, transferred to a different wallet or address, or sent to an exchange to be sold.
If you plan to sell the new tokens, make sure the trading platform supports the ETHW chain. In addition to accessing the ETHW network via Metamask, the hardware wallet company Ledger has published a blog post that describes how ETH owners can obtain their Ledger ETHW account via Metamask.
Disclaimer: Walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.
Have you tried to access your ETHW tokens after The Merge? Let us know your method and how you did it in the comments section below.
Source: Featured Archives – Bitcoin News