logo

Elon Musk meets with Bitcoin miners to address environmental concerns

BitMEX

TL;DR Breakdown

  • Elon Musk, Michael Saylor meet Bitcoin Miners
  • Bitcoin price surge after meeting

Towards addressing the many environmental concerns arising from mining Bitcoin, Tesla CEO Elon Musk met with Bitcoin miners in North America to promote the use of renewable energy for BTC mining activities.

The billionaire announced the meeting in a tweet on Tuesday. “Spoke with North American Bitcoin miners,” Musk wrote. “They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

Apparently, the meeting was attended by Michael Saylor, CEO of MicroStrategy, the leading Bitcoin institutional investor. The CEO hosted the meeting and said miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide.

Elon Musk also disclosed that the miners are now committed to publishing current & planned renewable usage & to ask miners World Wide to do so. He described it as Potentially promising.

Present at the meeting were executives from mining companies such as Argos Blockchain, Hut 8 Mining, Riot Blockchain, and Core Scientific. Others were Marathon Digital Holdings, Block Cap, Hive Blockchain, and the digital assets investment management firm Galaxy Digital.

Other details of the meeting were not disclosed other than the fact that miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide.

Bitcoin price surge after Elon Musk meeting with miners

After the outcome of the meeting, the price of Bitcoin immediately went up $2,000. The surge was immediate as the price of BTC surged from $38,000 to over $40,000.

Afterward, the entire crypto market started painting green with altcoins, pushing hard on their recovery. BNB, ETH, XRP have all been trading green after the meeting outcome was disclosed by the Tesla CEO, who was pivotal to the recent crash.

While a part of crypto Twitter applauded the meeting, some others believed that the formation of a mining council was not a good idea. According to some reactions to the news, the “closed-door meeting” was against bitcoin’s decentralized nature and everything the crypto stands for.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related News

Hot Stories

Announcing Hashstack’s switch to Starknet
Solana price analysis: SOL price spikes to $42.4 as bullish momentum intensifies
ChainLink price analysis: LINK rises to $8.4
Polkadot price analysis: Bulls reclaim $8.79 position after the latest upturn
Bitcoin, Ethereum, Polkadot, and Dogecoin Daily Price Analyses – 7 August Roundup

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund