North America’s Bitcoin (BTC) mining industry is likely moving steadily towards greater environmental sustainability. Microstrategy CEO Michael Saylor has initiated a successful meeting that featured Tesla CEO Elon Musk and several prominent business leaders from the region who delved into the matter.
The joint meeting has led to the formation of the Bitcoin Mining Council. On May 24 Saylor and Musk revealed that the Bitcoin Mining Council has been established after extensive high level-talks. The council will comprise several industry leaders, including Argos Blockchain, Hut 8 Mining, Marathon Digital, Blockcap, Galaxy Digital, Hive Blockchain, and Riot Blockchain.
All of them agreed to “promote energy usage transparency and accelerate sustainability initiative worldwide.” Saylor tweeted on May 24, 2021.
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
Michael Saylor also mentioned that the new industrial council is committed to pursuing the general environmental, social, and corporate governance goals concerning Bitcoin mining, and enlightening the marketplace on how the mining process works.
On his part, Musk said:
“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners 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 seemed to surge steeply after the announcement circulated. The flagship crypto attained an intraday high of $39, 960, the building of earlier gains.
Tesla’s decisions to ban Bitcoin Payments as a result of environmental concerns might have caused one of Bitcoin’s worst-ever plunges. From top to bottom, BTC lost 54%, eventually bottoming below $30,000 before recovering.
In that episode, Elon musk was subjected to severe criticism and backlash from the crypto community that he had recently embraced warmly. Nevertheless, Tesla is not the only firm involved in misconceptions about the negative impact of Bitcoin mining on the environment.
Recently, news emerged about the Chinese crackdown on crypto miners in light of environmental concerns. All these crackdowns and bans have weighed down heavily on investor sentiment. Since then, several Chinese Bitcoin miners are already shifting operations and relocating to more desirable jurisdictions.