North America’s Bitcoin (BTC) mining industry looks set to move towards more environmentally sustainable methods after MicroStrategy CEO Michael Saylor mediated between Elon Musk and some of the industry’s leading leaders.
Saylor and Musk announced the establishment of the Bitcoin Mining Council after the talks. The council consists of leading names in the industry such as Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain. According to Saylor’s statement on Monday, these companies have agreed to promote transparency of energy consumption and increase sustainable initiatives around the world.
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 said the new council will pursue broader environmental, social and managerial goals regarding Bitcoin mining, as well as educate the market on how the mining process works. stated.
Musk, who made the first statement about the interviews stated that: “I talked to North American Bitcoin miners. They agreed to use renewable energy and demand it from other miners around the world. It offers hope.”
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, which started the rally after the news, rose to $ 39,960 in the last 24 hours. BTC is trading at around $38,500 as of the time of translation.
Tesla recently announced that it is suspending BTC payments due to the harmful effects of Bitcoin mining on the environment, triggering one of the biggest corrections in the history of crypto money.