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Elon Musk Forms ‘Bitcoin Mining Council’

Elon Musk wanted miners to form a ‘Bitcoin Mining Council’ to advocate usage of renewable energy.

Elon Musk, the CEO of Tesla and SpaceX, spoke recently with North American Bitcoin miners. They have agreed to form a Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.” They also agreed to publish their recent and planned renewable energy usage. Micheal Saylor, MicroStrategy’s CEO is the host of the meeting.

Elon Musk announced on Twitter last Monday that he meet with Bitcoin miners, saying:

Michael Saylor also tweeted saying:

Saylor then stated that the meeting consists of executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon, and Riot Blockchain.

According to Saylor, the executives that are present at the meeting have “decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate and grow the marketplace.”

bitcoin mining council

Why is this happening now?

Elon Musk started asking about BTC Mining

A lot of people were in shock when Tesla reveals that it won’t be accepting Bitcoin payments for goods and services. Despite its announcement last March that they will be accepting. Unfortunately, this sent Bitcoin into an enormous downward spiral. And now, the world’s biggest and most popular cryptocurrency by market cap fell below $40,000.

This is because Musk suggests that Bitcoin mining can give a major burden to the environment. He is anxious that a lot of energy will make new coins, and that those who are mining will place the planet in even greater danger.

Now it seems like Musk calls on all bitcoin miners to say how much energy they are getting for their operations from clean sources, like hydroelectricity. In a sequence of social media messages, Musk said:

“Energy usage is starting to exceed that of medium-sized countries. Recent extreme energy usage growth could not possibly have been done so fast with renewables. This question is easily resolved if the top ten hashing [organizations] just post audited numbers of renewable energy vs. not… These massive [bitcoin mining operations] take away the fabric of decentralization. A true ‘for the people crypto’ needs to be realized.”

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