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.
Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
