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Elon Musk and North American Bitcoin miners met after a fruitful meeting arranged by MicroStrategy’s CEO.
After MicroStrategy CEO Michael Saylor arranged a fruitful meeting with Elon Musk and other notable business leaders, the Bitcoin (BTC) mining industry in North America seems to be heading towards greater environmental sustainability.
Saylor and Musk both announced on Monday that the Bitcoin Mining Council had been established as a result of the high-level talks. The council is made up of several industry leaders, including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain. They’ve all agreed to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide,” Saylor tweeted Monday.
Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. https://t.co/EHgLZ9zvDK
— Michael Saylor (@michael_saylor) May 24, 2021
Saylor also indicated that the new industry group is committed to pursuing broad environmental, social and corporate governance goals concerning Bitcoin mining, as well as educating the marketplace about how the mining process works.
Musk, who was the first to tweet about the discussions, said: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
Bitcoin’s price seems to have risen rapidly in the aftermath of the launch. BTC hit an intraday peak of $39,960, adding to previous profits.
Due to environmental issues, Tesla’s decision to cease taking Bitcoin deposits may have led to one of Bitcoin’s worst-ever declines. From peak to low, the digital commodity fell 54 percent, briefly bottoming out at less than $30,000 before recovering. During the process, Musk received harsh criticism from the cryptocurrency culture, which he had only recently joined.
While myths about the negative environmental effects of Bitcoin mining are nothing new, recent news about a Chinese ban on crypto miners in response to environmental issues have weighed on investor sentiment. According to Cointelegraph, many Chinese Bitcoin miners are now shutting down operations in China and relocating to more suitable jurisdictions.