Tesla CEO Elon Musk participated in a meeting with Bitcoin miners over the weekend, following concerns he raised publicly about the environmental impact of the cryptocurrency that sent prices tumbling.
Tesla CEO Elon Musk has spoken with North American bitcoin miners and they have committed to forming a Bitcoin Mining Council to "promote energy usage transparency & accelerate sustainability initiatives worldwide." They have also agreed to publish their current and planned renewable usage. The meeting was hosted by Microstrategy CEO Michael Saylor.
5 Reasons the Bitcoin Mining Council is Bullish for Price – Buy BTC Now?
Last Updated: 25 May 2021
The Bitcoin Mining Council (BMC) has been birthed and it could be good news for crypto. Although we are all getting collectively tired of the Elon Musk crypto show we are where we are – the joker will not be put back in the box, so his tweet revealing the founding of the Bitcoin Mining Council should be welcomed, although ‘maximalists’ see it as an attack on bitcoin decentralisation.
Here’s what Musk wrote: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.” (WW in this context means worldwide)
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Elon Musk has met with executives from leading North American bitcoin miners to discuss concerns over the industry s energy usage. The move comes a couple of weeks after Tesla, for which Musk serves as CEO, suspended bitcoin payments. At the time, the automaker said it was concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Tesla purchased $1.5 billion worth of Bitcoin earlier this year to diversify and maximize its investment. Shortly after that, in March, it started accepting cryptocurrency payments for its electric vehicles.