Under the organization of MicroStrategy CEO Michael Saylor, Elon Musk successfully met with several outstanding business leaders, and the North American Bitcoin mining industry seems to be moving towards greater environmental sustainability.
Both Saylor and Musk revealed on Monday that after high-level talks, the Bitcoin Mining Committee has been established. The committee is composed of several industry leaders, including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain. Saylor said on Twitter on Monday that they all agreed to “improve the transparency of energy use on a global scale and accelerate sustainable development plans.”
Yesterday, I was very happy to host a meeting between Elon Musk and the leading Bitcoin miner in North America. The miners agreed to establish a Bitcoin Mining Committee to promote transparency in global energy use and accelerate global sustainable development plans.
–Michael Saylor( michael_saylor) May 24, 2021
Saylor also stated that this new industry organization is committed to achieving a wide range of environmental, social and corporate governance goals related to Bitcoin mining, and to communicate to the market how the mining process works.
Musk was the first person to mention these discussions on Twitter. He said:
I have talked with Bitcoin miners in North America. They promised to publish current and planned renewable energy usage, and asked miners around the world to do the same. The prospects may be good.
–Elon Musk (elonmusk) May 24, 2021
The price of Bitcoin seems to have risen sharply after the announcement of this statement. Bitcoin subsequently reached an intraday high of $39,960, consolidating earlier gains.
Out of environmental considerations, Tesla decided to stop accepting Bitcoin payments, which may be one of the reasons for the worst decline in Bitcoin’s history. From peak to trough, this digital asset plummeted 54%, eventually bottomed out below $30,000, and then rebounded. In this process, Musk was strongly opposed by the Bitcoin community.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.