Cryptocurrency News

Bitcoin Mining Council emerges after meeting with Michael Sayler and Elon Musk

Bitcoin of North America (B T c) The mining industry is moving towards greater environmental sustainability after a successful meeting between Elon Musk and several key business leaders by MicroStyle CEO Michael Saylor.

Both Sailor and Musk revealed on Monday that a Bitcoin Mining Council has been established following high-level talks. The council is made up of several industry leaders, including Argos Blockchain, Blockcap, Galaxy Digital, Hive blockchain, Hut 8 mining, Marathon Digital And riot blockchain. They have all agreed to “promote energy use transparency” [and] Accelerating Sustainability Initiatives Around the World, ”Saylor Tweeted Monday.

Sailor too The signal That the new industry group is committed to advancing broader environmental, social and corporate governance goals related to bitcoin mining, as well as educating the market about how the mining process works.

Musk, who first tweeted about the discussions, said: “Talked with North American bitcoin miners. They committed to publishing current and planned renewable use and asking miners to do the same. Potentially promising.”

Bitcoin price appears to have increased sharply since the announcement was made operational. BTC reached an intraday high of $ 39,960, outpacing earlier gains.

Tesla’s decision to stop accepting bitcoin payments due to environmental concerns may have contributed to one of Bitcoin’s worst declines so far. Trough to the extreme, digital assets fell 54%, Finally hit a low of $ 30,000 before recovering. In the process, Musk faced severe backlash from the cryptocurrency community that he had Just hugged.

Although misconceptions about the negative impact of bitcoin mining on the environment are nothing new, headlines about Chinese action on crypto miners have recently weighed on investor sentiment in light of environmental concerns. As recently reported by Cointegraph, there are already many Chinese bitcoin miners Ceasing operations in the country Transfer to more desirable jurisdictions.